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Magnesium behaves as if it were fluffy aluminum. It is a little lighter, a little softer, and a little more flexible. It is not as strong or scratch resistant as aluminum and it is more reactive, so it doesn't maintain a silvery mirror finish as well.
I would take great care grinding it because the fines are very flammable and burn with a lot of heat. Most fire extinguishers (and water) don't do much for a magnesium fire.
is it true that VW made the Beetle engine blocks out of magnesium? I heard that from a VW bug guy I used to work with.