What happens when a villain becomes really cool or really liked? He becomes a hero. In some cases it works. Emma Frost has added a lot to X-Men stories (and Cyclops' love life). Magneto has always been on the fence. He was never truly a villain with his thinking but his tendency to take extreme action gave him the label of being a villain.
Recently in the pages of X-Men, when talking to the X-Men's PR person, the topic of Magneto's acceptance by the public was called into question. Looks like his fight in trying to appear to be a hero is over.
Written by Skottie Young with art by Clay Mann, the answer will be clear. Magneto: Not a Hero is a four issue limited series coming in November. Whether or not this will take place in current X-Men continuity remains to be seen. If it does, the X-Men will have some explaining to do to the world.