The Magic book both expands on the existing magic systems and provides new magic styles. There are chapters on:
1. Sorcery-there are spells to summon the supernatural creatures listed in the bestiary of the Elric rulebook.
2. Demons-A bunch of new demons of each type, fully statted up with Magic Point cost for summoning already calculated.
3. Rune Magic-learning magical signs to produce supernatural effects.
4. Necromancy-dealing with spirits from limbo, and summoning ghouls.
5. Enchantments-powerful items with supernatural effects ingrained in them. Note that the Mirror of Memory is not includes here. I believe it is going to be in the Elric Companion. (Loz, is this still happening?)
6. The Elemental Paths-a new type of Magic for the followers of one of the Four Elements, where you gain power by becoming attuned with the mystical energies that stem from the Elemental Rulers.
7. The Voice of the Dreamthief-a more in-depth look at the 7 Dream Realms.
8. Tomes-Books filled with forgotten knowledge, of such potency that even owning them is dangerous.
I've got more stuff that didn't wind up in this book, which may show up in S&P.
I'm the primary author, and Loz and Pete Nash contributed substantial sections.