I prefer the list view due to the following reasons:
-Posts are organized in a grid-like fashion. Mag view has dynamic snap sizes. This shows a bias towards some material over other.
-If I open snaps in order and close them, I know where I left off and can continue from there. Mag view does not a fixed "order", thus will be more difficult to define an "order" in which to view content.
-Mag view is rather similar to Tumblr's search view and I seem to "overlook" something while scanning the page in shifting horizontal manner.
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Do text posts show up in mag view?
Nick is correct. The mag view does not show text posts as it would go against the image driven concept it was designed to uphold.
But if I add a thumbnail it will?
Text posts (discussions) do not have the ability to have a thumbnail. However if you formatted your snap into a discussion and provided a large enough thumbnail, then yes if it got enough upvotes it would appear in the mag view.