Magisto sounds like it should be a villain from a comic series ("Fear me, I am Magisto the Malevolent!" might be some of his nefarious dialogue), but no, it's actually an Android app for shooting and editing Android videos magically. Remember Arthur C. Clarke said about technology and magic.
The app is designed to let users shoot a video, or upload one they've alredy taken to the app. They add a title, choose a soundtrack from the on-device library or from the app's selection of licensed music, and then Magisto claims that it will intelligently add in effects, make edits, and splice together footage in a way that is downright magical. There's facial recognition for recognizing who is who in a video, and stabilization can be applied, because we're not all robots who have hands that don't shake. I mean, I'm not, but other people might be.
Once a video is run through Magisto, it can then be shared to Twitter, Facebook, and YouTube, and videos can be accessed from any device that runs Magisto, including the iOS app. iOS? Now that is truly nefarious, says Magisto the Malevolent.