It's a way better light than the two DIYs I had before, and it cost less than the HID for sure. More than the halogen, but also a ton brighter, better and lighter.
I know people who are very hard on equipment and break stuff easily; if you're one of them, I'd say yes, the Magicshine isn't for you.
Even if it isn't a good PACKAGE, the lighthead is pretty solid. You can buy just that then outfit it with whatever power source works for you.
If nothing else, what MS has shown is that there's way, way too much markup on name brand lights. It's a clone of the Lupine Tesla, which costs $400. Sure it costs more to make things more durable, but all the Lupine has going for it is a better charger, better wires and connectors, probably a better controller board and a plastic box for the battery. It uses the same LED, and a pretty much identical housing. That stuff should cost about $50, making the light cost perhaps $150, not $400+. There's clearly a ton of price inflation going on somewhere.
Now, all that said, personally at this point I'd recommend P7 flashlights, one of the decent ones like the MTE. They're simple, more durable than ANY light that uses wires, and are totally waterproof. I'd buy and mount two of them. I don't think ANY light is totally reliable and I'd always recommend riding with a backup. For $85 or so you can get TWO MTE P7 flashlights, chargers and spare batteries. Yes, they fail from time to time, but you could buy a new one every year for 5 years and still not add up to the price of an equivalently bright name brand light. And that way you'd be getting a technology upgrade every year.