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Though the module does not declare panopoly_core as a dependency, it cannot be used without the core.
It seems to use CSS/layouts for the IPE settings, and also a call to
panopoly_core_view_mode_options() returns an AJAX error with panopoly_core disabled.
It would be nice if one could use this part of panopoly without the core (and its huge list of dependencies), but another "fix" would be to just declare panopoly_core module as a dependency of panopoly_magic.