Similar? not to me. Blue Jeans is a scent for a much younger crowd IMO. Although I dislike labeling fragrances with ages, sometimes you just have to. Escada's Magnetism on the other hand is a highly synthetic, strong, potent, powerful, and dark fruity/cola/spicy/oriental; it's really hard to label. It's in the same category with Armani Code to me, but kicked up a few notches. As many have said -- Magnetism = cola, grapes, and spices. Blue Jeans to me is just a blast of fruits, that lasts a couple hours.
I don't really care for either, but neither smell awful, if i had to pick one it would be Magnetism.