I think you're close on all acounts... I'll call it a 35W light.
Essentially, it ties the 35W POB for luminus flux, which is pretty good!
It's a decent improvement over the MF K3500 but in a smaller form factor, with a better battery system, and with better color temperature. Speaking of the color, it's not quite as warm as the Polarion's. If the Polarion is 4300K I'm guessing this light is 4500-4600K. A really pleasing color actually!
Beam artifacts really aren't terrible and I'd put them on par with the K3500 or smooth WE Boxer. Color consistency is much better than a WE Boxer, AE24W or AE25W. The beam doesn't 'rainbow' much when rolling or tipping the light up or down. I suspect that's because it's not under driving the bulb like the aforementioned lights. Also, it doesn't flicker like the under driven K3500. I've noticed that the arc tends to wander around on under driven HIDs even when the light is sitting on a table perfectly still. The Magic-Fire doesn't do that.
Other than the tight batteries which required a gun-smithing chamfering tool on the battery tube, saving a lot of sanding, the light appears to be okay so far. I was hoping for at least 35W and it seems that I got it. As mentioned before, the batteries were at 50-60% discharge when I tested the output. I'm recharging the same cells now and will perform the test a second time tomorrow. I suspect the output might increase a small amount.