That's a very valid point, because I think as good as Vaughan has been on UXM he's been inconsistant in that regard. Tempest was pretty solid and was more story-driven than character driven...but The Most Dangerous Game was just the opposite.
My thinking is that if this is something that Vaughan has been planning for a while, and it sounds like it is, he is putting a lot more thought into it and it won't be a Magneto story as much as it will be a story featuring Magneto. And if it is indeed then this will deserve all the hype we are giving it. It's rare that you get a good story with such a strong character without said character totally taking the story over.