Does PV have an effect on magic? Huh, I thought it ignored it, though I should have been tipped off by my amazing 6 damage magic darts vs. Zeome.
Testing suggests it does. Casting Ice Ball with a decently equipped little girl, a poorly equipped Silver Eyed Witch, and an unequipped horse shows a dramatic difference in damage dealt. It does a small chunk from the little girl, a larger chunk from the witch, and about half the health of the horse. None had any magic resist, with the highest hp being the horse, at about 400, the lowest being the witch at 330, and the little girl at 360. Very small sample size though, so take advice at your own risk.
Oh, and The Etherwind Festival ended with fireworks. Turns out I should pay more attention when casting the spell directly above Meteor. You know, that one with low spell stocks that I'm spamming? I accidentally my entire house.
I also discovered items seem to be pretty resilient to meteors. Good thing too. That stack of potions to the left? That's 4 blessed potentials and around 30 cure corruptions, along with 2 domination rods.