Seeing how silly and referency Magicka is right now, I imagine their new one will have every known Vietnam (and other war) films quotes and such in such a heavily parodied form it will be weird.
On a related note, TotalBiscuit and the Yogscast have a series of them playing Magicka. Six up so far with more each Friday/Saturday.
Part 1:
Multiplayer action in the "Mage Suicide Simulator" known as Magicka.
Part 2:
Ninja looting and not quite friendly fire.
Part 3:
"Please stop healing me!" ~TB
Part 4:
M60s are OP
Part 5:
How effective can they be without Simon?
Part 6:
Introduction to Simon's Lightning-Ice-Arcane-Shield Mines (keybound to A-R-S-E)
It is sort of like watching the Three Stooges with magic.