The New York Times contains an article by George Johnson, who attended the recent Magic of Consciousness Symposium in Las Vegas, at which a number of well-known magicians discussed how they exploit the limits of perception in their performances:
Apollo, with the pull of his eyes and the arc of his hand, swung around my attention like a gooseneck lamp, so that it always pointed in the wrong direction. When he appeared to be reaching for my left pocket he was swiping something from the right. At the end of the act the audience applauded as he handed me my pen, some crumpled receipts and dollar bills, and my digital audio recorder, which had been running all the while. I hadn’t noticed that my watch was gone until he unstrapped it from his own wrist.
…Secretive as they are about specifics, the magicians were as eager as the scientists when it came to discussing the cognitive illusions that masquerade as magic: disguising one action as another, implying data that isn’t there, taking advantage of how the brain fills in gaps — making assumptions, as The Amazing Randi put it, and mistaking them for facts.
Sounding more like a professor than a comedian and magician, Teller described how a good conjuror exploits the human compulsion to find patterns, and to impose them when they aren’t really there.