Magnesium alloy is usually touted as having a higher specific strength than aluminum alloy, but of course it depends somewhat on which alloys you pick. Although magnesium alloys have a considerably lower density, specific stiffness of magnesium alloys is about the same as aluminum alloys, so it's not immediately obvious what the advantages would be from a vibration point of view, at least to me. However, magnesium alloy is also supposed to provide higher damping capacity than aluminum alloy, so perhaps that is one reason. On the other hand, most of the damping present in structures has nothing to do with the material properties, but comes from other sources, such as bolted joints etc. Then again, because of magnesium's higher specific strength, it may be possible to use thinner sections than would otherwise be practical, and thereby obtain better dynamic stiffness of components than you could with aluminum. I have read that the use of magnesium alloy in aerospace applications is declining, reputedly because of corrosion problems. If there was that big of an advantage to magnesium over aluminum, you would think it would show up in that field. But it's use in automotive is on the increase. Then there is the economic aspect, which may currently favor magnesium, much of which comes from Africa. That may explain some of it's current popularity. There may also be some castability advantages with magnesium alloy, but I'm not sure about that.