Give it a flat rock on the top of pillar, surrounded by a lot of varying flow and you'll be in good shape. Mags like to spread out their foot (I describe it looking like a fried egg) at the highest position on the rock. Unlike BTAs, they don't like to bury their foot in the rock crevices, which is why a flat rock works the best. Don't let any of the tentacles to come in contact with the wall of your tank, otherwise it'll "think" it can move up higher and will continuously move.
Unfortunately, I'm concerned because the photo of it closed shows a nem that's either just waking up or isn't healthy. If it does this during the day with the lights on, you'll most likely need to treat it with antibiotics, or it'll die within a couple of weeks.
DNak is right. They are not hard once you understand their needs. As for treatment. They do respond very well. I've treated 3 in the past. One right now as we speak. All do very well
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Can you pick the whole rock that it's attached to up and place it on the top of your rock structure? If it turns out to be healthy you will be very happy you ended up with a Magnifica. Once healthy they are pretty bulletproof and probably the nicest looking type of anemone there is IMO. Give it good alternating flow but it doesn't need to be blasted. Definitely put it in a higher flow section of the tank though.
Don't try to feed it until we have a better understanding of its health. They don't need to be fed that often, so going without feeding while it acclimates is fine.
It's best to share more photos with us -- some examples where you think it's at its best, and some at its worst. We'll be able to assess whether or not you should remove it for treatment. In the meantime, review the sticky that discusses the protocol:
http://reefcentral.com/forums/showthread.php?t=2271385
Many magnifica need treatment. They oftentimes appear healthy in the store, especially to a novice reefer who sees an expanded anemone and assumes it's healthy. Frankly, it's almost impossible to tell if a mag needs treatment if it's fully expanded (and it looks great in the first photo, so maybe I'm being overly cautious). Sorry if I'm stressing you out! :beer: