My recent experience gives the nod to Magic Chalk. I bought some Magic Chalk from Seyberts a few weeks ago and now it is my favorite. I think it does a better job of chalking the tip. No hype, just results. I have not tried Blue Diamond, but I can tell a big difference between Magic Chalk and Master Chalk .
Formerly I only used Masters with an occasional foray into Silver Cup if I ran low on Masters in the color desired. I chalk before every shot, and with Magic Chalk it is easier to put an even coat of chalk and to see that it is an even coat from edge to edge. Maybe my eyes are deceiving me, but I don't think so. I think I am having fewer miscues, but I've kept no records, too bad. Magic Chalk gives me more confidence hitting a shot that requires English, so I plan to stick with Magic Chalk.
It has drawbacks - Magic Chalk leaves marks on the cue ball and to a lesser extent on the shaft, so I clean the balls at home and clean the cue shaft more often. I made a home made ball polisher from a $20 orbital polisher and a five gallon plastic bucket and a couple of old towels, so ball cleaning is easy. Seeing the chalk transferred to the cue ball is just another way of confirming that the chalk is on the tip and doing its job, I guess.
To be fair to my opponent, I keep a few loaner cubes of Ruby Red Master Chalk in my case. In the unlikely event they forget their own chalk and the pool hall is out of chalk at the same time they are free to borrow some of my Red chalk. It is great fun trying to get it off the shaft afterwards, gives them lots of practice at shaft cleaning, hand washing, clothes cleaning, and even trying to wash the Red out of their socks.