In some ways they certainly are however Larrin had different design intentions with MagnaCut. He wanted a balanced stainless because there weren't really any balanced stainless knife steels, you either had high wear resistant steels OR tough stainless steels. He wanted a stainless steel with the same properties as CPM Cruwear/Z-wear. Very balanced. Where Spy27 is a great steel, no doubt about it, it has the same issues that the other steels in it's class have, CPM-30v, CPM-35vn, CPM-45VN, they are certainly wear resistant BUT the chromium carbide content in them makes the overall carbide size larger than is conducive to toughness. Larrin designed MagnaCut to have little or no chromium carbides. The Niobium and Vanadium in it refines the grain structure and without the chromium carbides they produce very fine carbides making the steel much tougher as cracks in hardened steel propogate along grain boundaries, with very fine carbides the grain structure is much more refined making the steel tougher.
Spy27 was designed to be an improvement on CPM-30v and it certainly is, to quote Larrin after testing it: "Experimental results of SPY27 line up well with the previously provided predictions. SPY27 has similar obtainable hardness to S35VN and similar corrosion resistance to S30V. The toughness is very close to S35VN. The microstructure confirms somewhat reduced carbide content relative to S35VN, S30V, and S45VN. The steel appears to be relatively well balanced and should do well for Spyderco."
MagnaCut actually surprised Larrin when he did the corrosion resistance testing on it, he expected it to be stainless because of the free chromium in solution even though the chromium content technically clasifies it as a "semi-stainless" but it ended up being almost as stainless as LC2000N which is more than 1 manufacturers are now moving to it in knives designed for fishermen.
I wouldn't hesitate to buy a knife in Spy27 BUT I would pay more for the same knife in MagnaCut.