A lot of her "magical" properties are a result of her equipment. Her physical capabilities, however, are like those of any other demigod. Her natural body isn't granted any sort of natural protection from hazards presented by other characters. Her skin can break from the blow of another brick. She can be drowned just like any other person. She can be burned from heat vision and similar attacks. In the Superman/Batman arc where the title characters switch powers, Batman went out of control. Wonder Woman led a JL task force to stop him on the moon, and he wiped the floor with every single one of them.
Keep in mind, I'm not trying to downgrade Wonder Woman by any means. She is, after, ranked #6 on my list of heroes and villains in the game. I just dislike it when I see fans try to exaggerate their favorite characters by making assumptions of abilities/traits that have never been seen before (or just seem incredibly unlikely). Wonder Woman is simply the jack-of-all-trades in my book. She's unfathomably strong, fast, agile, durable, and skilled. However, she is not the strongest (Superman). She is not the fastest (Flash). She is not the most agile (Martian Manhunter). She is not the most durable (Lobo). She is also not the most skilled (Lady Shiva). You may contest that last one, and I don't blame you since I used to carry that same belief based on Batman's assessment of her. I was, however, proven wrong by the Comicvine community when I compared her to the likes of Lady Shiva, Richard Dragon, etc. Still, combine all of these traits together and you have a well-packaged hero who can contend (and even defeat on occasion) the 5 characters I ranked above her. I won't try to dispute the fact that she can beat MMH, Supes, Doomsday, etc. I will only dispute that she is consistently better them when all of the characters are fighting without holding back.
I'll leave disclaimer, though. New 52 Wonder Woman recently revealed that her braces are actually limitations placed on the Amazons to prevent them from incurring their wrath upon the world of Man. Apparently, once these braces are removed, Wonder Woman enters a "berserker mode" that allows her to unleash enough power to pummel a god. There's only one showing of this, and I'm not sure how relevant this becomes in a tourney thread like this. However, a lot of readers think that "berserker mode" Wonder Woman could actually curbstomp Superman in a fight.