I would speculate that whether or not he "cares about magic", it's probably safe to say he cares about other events much more. Examples: 3x3x3, 4x4x4, 5x5x5, and BLD... most people care about these more, and they are more fun anyway (I think, at least).
With that in mind, I'd say practicing magic for a minimum of an hour a day is a lot, even if practicing the 3x3x3 for an hour+ a day is not really that much.
Plus, consider how little time it takes to solve the magic. One hour of practice on the magic = a large number of solves.
Lastly, yes; it was certainly very egotistical the way Craig went about this. But who cares? I know I've done much worse when it comes to being egotistical

It probably helps his motivation.
David
EDIT: I just read what I wrote and I'm not sure if it made sense at all ;-) ; what I believe I was trying to say was that given all of the other things he could have been practicing, devoting over an hour a day to the magic indicates that he was pretty dedicated to it at the time.