Magic Stick is incredibly useful. 
Magic Wand is also very good, but is usually purchased later (if ever) on supports. The reason this item is suggested on everyone is due to it being 200g (for stick) to get instant burst HP/Mana. Strategy games are about shifting the game state into winnable situations, often this relies on information hiding and appearing weaker than you are.
Magic Stick allows you to do that.
examples:- You and an enemy are both low on HP. They do more right-click, but would die to a single spell if you had mana. Your Magic Stick is full, so you pop it, gaining extra HP which allows you to absorb another physical attack, and the mana you gain lets you cast once more.
- You dive a hero under their tower, they turn to fight you because they think they can take you with the tower helping. You pop wand and now have too much HP for them to kill you --> you baited them into a stupid situation where you could turn the table on them.
Additionally, it's good to have for general burst healing
Like if you're caught out of position and having 150 HP immediate heal saves you. Or you're kiting the enemy into your team and need the extra burst heal to stay alive until your team can catch up.
On a related point, the things you will find most universally valuable (especially at higher levels) are:
Information (e.g. Vision, Looking at Inventories, Analysis/Deduction)
Positioning (e.g. 
Blink Dagger , Fog of War, Formation)
- Also important: anything that moves opponents out of position (e.g.
Batrider 
Flaming Lasso)
Instant Cast (e.g. Blink Dagger , 
Mekansm, Magic Wand)
- The faster you can react / the less time you give them to react, the better
Mind Games (e.g. Magic Wand, 
Bane's 
Brain Sap, Illusions, etc.)
- basically anything you can use to bait an opponent to move into a bad position, take a bad fight, or waste their spells
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