I know there are some folks on here who've read these books. I wanted to do a thread dedicated to the series as I would enjoy discussing it with fellow readers, as well as potentially attract others to read them.
What is the series about?
The books follow Quentyn Coldwater who, when the series opens, is a brilliant but depressed high school senior living in Brooklyn. While going to take an entrance exam into Princeton, he ends up getting lead to a secret exclusive college for magicians. The books follow him and his friends as they learn about magic, life, and the pursuit of happiness (or unhappiness).
Who wrote it?
Lev Grossman, who is not only a novelist, but also TIME's book critic (he famously dubbed George R. R. Martin the "American Tolkien") and lead technology writer (he wrote TIME's Person of the Year 2010 profile of Mark Zuckerberg).
How many books are there?
Two, currently, The Magicians (2009) and The Magician King (2011). Grossman is currently writing the third (and presumably final) book, tentatively titled The Magician's Land. The book will likely release in 2013.
Why should I read it?
If you enjoy urban fantasy stories, then you will like these books. If you enjoy dark fairy tales, then you will like these books. If you like Harry Potter or Narnia, then you will like these books, as they draw heavily from both sources. If you are a geek, then you will like these books, as Grossman likes to include a ton of geeky references.
But I hate reading. What should I do?
You are in luck. Fox has bought the rights to the series, and is looking into developing it for TV. A pilot script has been written by Ashley Miller and Zack Stentz, who also wrote X-Men: First Class and Thor, as well as some episodes of Fringe and The Sarah Connor Chronicles. The early buzz for the script is very positive.
UPDATE 2/21: Fox has passed on the project. The writers are now shopping it to cable nets and/or film studios.
Spoilers
I'm assuming most people who will peruse this thread will already have read the books, but just in case we should probably tag and cover any spoilers. General impressions or thoughts on the books are fair game though, as is news about the upcoming book or the potential TV series.
Resources
Lev Grossman's Official Site
Brakebills College
Official Fillory Site