If magic is an art dealing with the very principles of the universe, wouldn't it be reasonable that reaching any level of control over matter was possible?
While this is a mere rethorical question, consider the implications if this was true.
The fairy tales of all kinds of super human powers could be real. It's already accepted that monks training kung fu can do some extraordinary things, why would it be any different if body was replaced by mind?
I'm going to jump right at it here - being able to control your own body down to a cellular level and reaching a state of actual non-aging would be possible. Imagine the link to myths of immortal and ancient beings, were they once humans like us, now forced into hiding because of the current humanitie's inability to accept the possibility?