Magic Bullet is a great suite for adding "film like" effects, and allows you to add them much faster than by conventional means, however with FCS2, from my experience, you can customize the look quite a bit more in Color, and (correct me if I'm wrong) seems to have a better integration going back into FCP. Essentially all that I can see was some gamma tweaking, and a selective desaturation, targeting the area outside the blues, and maybe doing a slight cooling effect with the white balance.
I havent used Magic Bullet in a while, but last I knew it was only available for After Effects.