Limecake said:
also there are the obvious applications to his power (guns, bullets, tanks are all extremely vulnerable to his power) however, wouldn't it be technically possible for him to emit some sort of Magnetic pulse if he were so inclined?
Yeah, I think this is getting to the issue of
Why magneto is stuck with "the power to create and control magnetic fields".
To me, Magnetos power is an anti-human power. When compared to other mutants he's barely above average (Level 4, I think. out of 5), but the fact that his specific power completely obliterates what humans rely on the most currently (although, lately we've replaced a lot of metal with highly durable plastic. But that's beside the point!), is a very important thing considering his anti-human, pro-mutant philosophy.
To me it fits much better that Magneto uses an anti-human power, rather than some over-powered Phoenix power (see Jean Grey, and some other characters), because he doesn't want to be the most powerful mutant. All Magneto wants to do is to rid the earth of human oppression, and if he has to lead a band of vengeful mutants to do it, then so be it. He knows he is personally the best equipped to counter "The Human Threat"
Besides, once you get to the most powerful mutants, they're usually connected to Phoenix Power, which is as grey in morality as you can get: Jean Grey is still pretty much with the X-men (as far as I understand it), but she once burned a whole planet worth of people to a crisp simply because her Phoenix powers were acting up (kinda possessed her, and sort of did it by accident, but still. Whatever sentient mind was in control at the time, it showed no remorse, or even car for what it had done).
EDIT:
Finally, the amount of control over his power Magneto has gained by the time of the comics is phenomenal (for the quick version, watch X-Men 2. For the long version read the Marvel Wiki). He can lift both phenomenally heavy objects, and control a vast amount of small ones with extreme precision. Wolverine once clawed him in the face, and in retaliation Magneto
Tore the Adamantium Off His Bones And Out Of His Body. Sure it's not a powerful move when compared to how some mutants can blow up cities, but in terms of control, it's beyond what anyone other than Xavier can do.