Hmmm. My understanding of magneto bearings is that they are a sort-of hybrid: a deep groove inner track and an angular contact outer track. They can therefore take some axial loading, but little, if any more than a deep groove set. I don't think they are designed for high loading. Their purpose is to allow axial location of a shaft, rather than to react substantial applied axial loads, whilst being easily separable: the housing comes apart, axially, and the shaft can be removed without having to disturb the fitting of either track. I think angular contact bearings would be better for a milling spindle.
Re Neil's earlier post. Things ain't so simple. Angular contact bearings are supposedly available in different contact angles, to be selected depending on the ratio of anticipated radial to axial forces. IIRC, 3000 and 5000 series differ in contact angle. (Sorry, too lazy to go and look. Perhaps the indefatigable finder-of-information MG will search out more…). Dunno if the availability of different geometries gets as far as our usual suppliers.
CT. I agree about the radial clearance of angular contact beraings. I would assume that the 'steeper' contact angle necessary to react substantial axial loads results in decreased radial stiffness, compared to deep groove bearings.
I'm coming round to the idea that, provided axial loads arekept within the manufacturer's allowable range, C2 bearings will provide greater radial stiffness for a given axial load, but less axial stiffness. Thus they would seem better for, say, a small lathe headstock than C3 bearings, and perhaps also better than angular contact bearings, unless a lot of drilling from the tailstock is anticipated. However, this is all reasoning from first principles, rather than working from established fact – come on, we need a bearings expert to tell us!