This doesn't seem to work for me
for example (php version 4.0.6)
php.ini contains
magic_quotes_sybase=on
<?php
ini_set("magic_quotes_sybase", 0);
print "<form>";
print "<input name=test value=\"$test\">";
print "<input type=submit>";
print "</form>";
?>
if I sumit the above page with "test'test"
it becomes "test''test"
then "test''''test"
etc....