The pick is top-5 protected for 2007, and completely unprotected for 2008. So how likely is the 2008 scenario?

The Magic would have to miss the playoffs, and then either move up in the draft lottery to grab one of the top three picks (against long odds for the better lottery teams), or be so wretched that they have a top-5 pick without moving up in the lottery. Both of these possibilities seem unlikely given that they had the eleventh-worst record in the league this past season, and everyone expects them to improve this year.

I don't see much chance that the pick will turn out to be higher than 10 or so, but in a deep draft you might get really lucky at 10.