There's been talk of bringing Magicka to the PS3 and Xbox 360 for some time now. Developer Arrowhead Game Studios has been quite vocal about wanting to bring the game to "all consoles," but right now, it would seem there's a considerable roadblack.
This game will be hard to play on consoles its hard to play on pc and it has far more buttons. And trying to shoot and cast at the same time in the angles you have to do on consoles will be a chore. But its a great game but its buggy as hell.
Hope it happens, it seems a really fun coop!
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