Not to mention the fact that magic_quotes escapes data at the wrong time.
You should only escape data when you want to insert it into the DB. At that time, you can most likely use a function specifically designed for that database ([man]mysql_real_escape_string/man for MySQL servers, as an example). Otherwise, for displaying purposes and code evaluation, there is no reason why you would want to escape quotes.
Not only do most experienced programmers highly recommend NOT using magic_quotes, but even the developers realize it was a mistake; magic_quotes has been removed in PHP6.