I really like this premise. It explains certain emotions that are in play better than other analogies I have come across.
I often think of the org in terms of con-artists and the deluded. I have tried to expand on this by saying some are both at the same time, but it still isn't quite enough. There are other variables in play that are hard to describe.
Con / Victim, while true, doesn't completely explain the titillation seen and felt in the audience at times nor does it explain fully the motivation of those on the stage IMO. There is a desire to "put on the show" when involved in the meetings or conventions. It can't be explained away as just being up in front of people.
The "Magic Show" parallel nails it.
It also helps illustrate why JW's often don't want to wake up. They don't want to leave the audience. They don't want to know. It would completely spoil the magic show and all the fuzzy feelings that come with it.
It also explains some of the emotions I feel even now at moments. I will hear a certain phrase or reference in a talk or paragraph and feel those old good feelings again and wonder for a split second, if I'm making a mistake pulling back from all this. Of course it is short lived, but still weird. I guess I am just missing the show for a second. It would be a similar feeling a person would have, I suppose, that missed when the magic trick still fooled them.
Reality can be cold. We all need an escape. Some escapes are healthy, some are dangerous. JW's escape into the audience of a grand century-long magic show that unfortunately results in their exploitation because the magicians are self-serving sociopaths.