The way you put it in that second paragraph, he sounds like an incredibly poor Dr. Doom imitator.
I agree with you, even without the Xorn fiasco embittering my POV, Magneto's still lost it to all but the nostalgia-mad. As Morrison put it, "...we know he always COMES BACK, somehow, so expect a dramatic return sooner or later, True Believers!"
I get quite annoyed when people complain about Magneto in Planet X, partly because the entire point was to stop romanticising about how decent the character was inside and tell the ugly truth: he really was just a mad old terrorist twat, and partly because Grant had been undergoing an awful lot of personal tragedy at the time, which leaked into his scripting - most especially in that Xavier, the character most like him, is shown powerless, immobilised, humiliated at the hands of his greatest enemy and told that his friends and students are all dead.
Still, it's nice he was able to joke about it later.
The biggest problem, though - aside from whether you agree or disagree about whether he's a horrible monster or a misunderstood victim - is that by rights he should be fucking ancient. The latest account deals with him being born in 1925-6; does the above figure look like a man of 84? Does he look a day over thirty, white hair discounted? Hell, wouldn't Magneto as an old man dying of degenerative disease be far more convincing, character-wise, and fit in with Marvel's pathetic pretence of 'realism' in its plotting approaches?
URGHGHLL. Age him, give him a successor, or just let him crawl into a wooden box and die. There is literally nothing that can be convincingly done with him any more.