Some of the features in this “unlocked” version of the phone are as follows in the following pictures.

Now all the features are almost similar to the original HTC Magic except that the Phone has a lesser RAM . The  screenshot taken from HTC product page says the HTC magic has 288 MB RAM but Google ION has 192 MB RAM

Also some say there is a difference in UMTS frequency of both the phones. but it hardly matters to me.

But the most interesting features in Google ION / HTC Magic which makes it a must have phone

• Root Access to the Phone –> go ahead install the Cyanogen MOD and get the features you always wanted in your HTC Magic
• The capacitive touch screen
• No keyboard so it is sleek as compared to ADP 1 / HTC Dream / T-Mobile G1
• Better Battery Life than G1

Pricing : Google ION is available for $399 from Android Developer Center. Shipping is free for USA only. For other countries you need to pay shipping and tax as well. For example Total Cost of Shipping and Handling (including taxes) to India is $107 .So you need to pay $506 to buy the phone. On the other hand the HTC Magic(unlocked) is also available for Rs. 23000 ($500) from ebay india.

Final Notes : It is a decent phone and if you want an android phone that is not much costly this phone is what you are looking for

Please have your say in the comments.