Quite a few points here 
<< set up for the old way >>
Yes the current implementation (of accessing magnets) was first seen in 0.98.12. One suggestion that might be worthwhile considering is to install the last version prior to /12 and get used to how magnets work possibly using my tut page?
All previous versions can be found here. Since the latest release (9816) allows for the installation of one old style version, as well as many new style youll be able to try both the new and old.
http://sourceforge.net/project/showfiles.php?group_id=33028
<< Make your selection > Right click AND hold down alt key >>
Not quite Holding / pressing the Alt key can be done at any valid stage of the procedure. If this is done right of the beginning of a radial scale op, for instance (with all three of L,R and M mouse options being available) then it could just as easily be L+Alt or M+Alt.
Try to consider the Alt key as a Global switch to access magnet ops.
<< To adjust how the magnets are effected >>
There is also another (magnet) parameter that can be changed by the user the way the magnet op interacts with the geometry by choosing one of the Shortest / Midpoint / Surface options
Whilst the first 2 are fairly straightforward (based on distance between original selected geometry and fall-off point) the last restricts magnet ops to a surface route (over geom) which has considerable benefits when you want to modify something but not affect surrounding geometry.
<< read the bottom of the screen >>
Whole-heartedly agree whilst this info is continually being checked / revised (to get it as clear as poss.) it will provide you with essential information about whats happening etc.
As with other ops reading it, rather than just glancing at it and maybe experimenting with the various options contained therein? will ultimately pay dividends re your use of wings imo.
<< didn’t know that magnets were an option there >>
Yes, magnet Tweak mode is very useful but it only works with single selected elements and (fairly obviously) you can only move stuff.
Full magnet ops will, of course work with all supported commands as evidenced by the presence of the Alt (magnet) option on the info line.
<< old way was easier! And faster! >>
If you try the old way, youll be able to judge for yourself much discussion re a global switch took place prior to Bj implementing the current method it wasnt done on a whim. (Personally, I prefer it, if youre wondering)
The way that magnets actually work hasnt changed only the way of accessing them.
<< some way to numerically input a vector >>
No, there isnt but it doesnt mean that you cant do it.
If you have a need for a specific axis / vector which cannot be obtained from the existing geometry, just create a cube (say) and rotate it using the Tab (precise) input option.
You can then use this to define a default axis for your operations (which can be accessed via menus) or just leave the cube in scene and click on relevant element when required.
A default axis defined in this way will remain even if you hide/remove the object used for definition purposes. (although, since hiding same is easy via Geom. Graph maybe better to hide, as object might offer other vector possibilities?)
Ie set up a reference block.
If youve not already seen it, the vector page at aardvarks might be of some use re info about vector behaviour.
Good luck.
pp