Magicka Four Pack Question

I'd say it gives you four codes... the single version is Steamworks, so it's definitely a key.

.-.

Gamers Gate will give you four copies that you can be able to giveaway through Gamersgate. If you press "redeem key or view key" your copy won't be tradable.

with gamersgate it would give you four codes

It will be 4 copies of "GamersGate gift", where you can actually redeem all 4 for yourself and get 4 codes.