I'm not quite sure why the writers didn't come up with a brand-new name for this villain. For the record, Magneto debuted in the X-Men comics some four years previous to this series. Maybe he wasn't as big then as he is now, so they figured no one would notice if they cribbed the name--?
At any rate, Dr. Magneto (pronounced Mag-NEH-toe) isn't even a mutant; he's just an embittered scientist who looks like Rip Taylor, wearing a cape that I think was made from a stolen hotel towel and wielding a magnet gun. He goes about running tugs aground, tearing up bridges, and dropping statues off skyscrapers in a desperate bid for attention. A B-lister villain, to be sure, but if nothing else a good cautionary tale about a frustrated genius blinded and warped by his own big ego. Jolly Jonah is debatably the true villain of the piece, printing venomously anti-Spidey editorials and passing them off as news, and denying Lil' Maggie his just dues by not even mentioning his name. And Spidey channels Adam West's Batman with his deep voice and all sorts of custom webbing--strong enough to hold up a commuter train, springy enough to bounce a bronze statue safely out of harm's way.
Despite a couple of glaring flaws--if he's so snubbed by his egghead peers and hungry for recognition, why does Maggie have a Who's Who Listing?--it's a good way to pass 9 or ten minutes on a dull Saturday morning.