It almost makes me wish Magneto had stayed dead following his murder of Jean at the end of Morrison's run, really. I mean, what more is there that you can do with Magneto that hasn't been done?
He's been the leader of a small sect of mutants, the leader of a massive cult, ruler of his own country, and ascended to the point where he was a pop-culture symbol used by rebellious teens. For all intents and purposes, he's done. He's actually succeeded in a way, because all those teens who once touted the 'Magneto was right' shirts and were suddenly being abused and blown up again following M-Day, they're all going to believe in him.
So I just wish Magneto would stay dead, myself. He's a classic villain, but to me, he's run his course. Of course, superhero books being superhero books, he'll still be fighting the fucking X-Men come 2109, at this rate.