I saw Penn and Teller live when I was much younger. At one point in the show, they announced that they were famous debunkers, and were therefor going to explain exactly how the next trick was performed. They went through it step by step, with Penn talking and Teller demonstrating. Then, of course, they ran through it again, repeating the patter and performing all of the same apparent motions but with wildly different magical outcomes. It was phenomenally well executed, and really left me reeling at how completely they were in control of the experience.
A really good magician will make it look like magic even if you know how it's done. And a really really good magician will make it look like magic even if you can see how it's done. P&T do the venerable cups-and-balls with transparent cups so you can see exactly how it's done, and it still looks like magic. Or at least like a ballet.
Misdirection all the way down...