Well it is "just the tip of the iceberg."
Fyi: ML development is about to hit the iceberg and sink to rock bottom. Alex, the main dev doing 90% of the work is busy atm, and there's only one other really insightful dev working on mlv and audio: https://bitbucket.org/hudson/magic-lantern/commits/all
There are a couple of people submitting patches now and then, but no one has the complete knowledge into the whole thing - remember it's about reverse-engineering Canon's software since our favorite manufacturer fails to release a sdk or even just the fw headers.
Hopefully the extra publicity will help Alex to continue development so we can look forward to a ML for the 7d2 and beyond.
Fortunately, ML is working fine just now on the supported cameras, but don't expect fast progress on the other great features in the queue until help turns up. And "help" means being a very good dev (few are), spending a lot of time on it and wrestle with other people when merging code.
So unless you're a coder at heart, this unpaid work is no fun at all. I stopped contributing when I felt stupid doing unpaid work on camera models I cannot afford, so now I'd rather just code for my personal ml build. But in general that's the great thing about it - it's open source, you're free to modify to it.
We are fortunate that ML development has been free and donation based to date.
To clarify: The ML project does *not* take donations, they ask you to donate to the eff instead: http://magiclantern.wikia.com/wiki/Donate
Alex has gotten the 5d3 and 60d as a donation, but he's content with that and doesn't want any more cameras (to work on). And the guy who got the 70d was never seen again after receiving it :-p
I am surprised that Canon hasn't taken these features to heart and started including them in current and future camera firmware.
I'm not surprised - support work would skyrocket and most users would be overwhelmed. ML is not for everyone, at the current state it isn't *supposed* to. But Canon has taken some features from ML into the 7d2: bulb timer and intervalometer.