Amon_RA and Cyanogen on xda-developers have done some excellent work building a recovery rom with root, recovery mode, and Nandroid Backup and Restore functionality.
The latest 1.1.1 version works on both HTC (PVT32A) and Google (PVT32B) magics and you can find the files to download and instructions on xda-developers.
So what can you do with a recovery rom and why do you want it?
Well.. the nicest thing with this is that you don't really need a PC to install roms and fastboot. Once you've flashed the recovery rom on your phone you can jump into it at any time by powering it off, and using HOME + POWER.
It also has root - so you can install files/etc on your rom without actually needing root access on the rom itself.
And lastly.. you can backup and restore your phone at any point using Nandroid.
Pretty cool - definitely recommend this to you all!