Magenta is the complementary color to green, or the color of the afterimage you would see after you stare at a green light. All of the colors of light have complementary colors that exist in the visible spectrum, except for green's complement, magenta. Most of the time your brain averages the wavelengths of light you see in order to come up with a color. For example, if you mix red light and green light, you'll see yellow light. However, if you mix violet light and red light, you see magenta rather than the average wavelength, which would be green. Your brain has come up with a way to bring the ends of the visible spectrum together in a way that makes sense. Pretty cool, don't you think?
That's why magenta is my favorite color. And of course, due to the reaction of a friend when I told her about magenta: "magenta? that's something that only exists in Matlab!"