Just a small clarification: at least for Canon, almost all point-and-shoots and bridge cameras (the GX1 is an exception, for example) have a crop factor of 5.6x, and I've personally confirmed this.
Other exceptions: the "S" line--e.g. S95, S100, S110, etc.--and "G" line--e.g. G11, G12, G15, etc.
He talks about the FOV (80mm) but then says image magnification!! I am assuming that he's talking about the image sensor size which cuts off the image real estate that a full frame camera would give...
Yes, the term "magnification factor" is sometimes used because the crop factor can appear
to magnify the image. e.g. print out the red outlined area in the example image above so it fills, say, a 6x4" piece of paper, and print out the yellow outlined area so it also fills a piece of paper the same size (in this example, 6x4"). The print out of the yellow area will appear to be a magnification/enlargement/blow-up of the middle of the print out of the red area. (In this case, it actually would be an enlargement, but remember that the premise is that a given lens will capture the red area when mounted on a full frame camera, and that same lens will capture the yellow area when mounted on a crop frame camera. In other words, this is supposed to represent two different images captured with two different cameras, so in that "real world" case, one would not be an enlargement of the other.)
HTH - Mark