I've been a videogame vet since the Atari 2600 days, and Magician Lord was just too cheap for me in the difficulty department. Having to memorize patterns and dying 1000 deaths isn't my idea of a fun game.
I like challenge in a game, but not the kind of challenge where damage and death are virtually unavoidable without memorizing exactly where the next enemy will be before it even comes on the screen.
My idea of a good challenge? Try Metal Slug X on level 7 or 8. It isn't easy; it'll definitely keep you on your toes, but it doesn't require pattern memorization.
Magician Lord is definitely one of the most overrated games on the Neo, and I really feel sorry for those who paid $200 or so for it! (Although if you enjoy it, that's what counts...)