I'm firmly in the camp that believes "qi" (or chi) simply means "energy", but I think it seems that we've missed the point that there are many forms of energy in western society. If I'm not mistaken, this is also the case in Eastern society, where energies such as gravity also exist and have been known about for many years. As I've been taught, one of the first accurate translations of chi was by a French doctor who studied TCM in the 1900s, which was something along the lines of "vital energy" or "energy". Given his area of expertise, this was quite appropriate for arts such as acupuncture and Chinese herbalism. This should be considered different to chi which flows through the meridians or breath. As mentioned already, one should also consider others such as chi of the earth (gravity). It's all about context really. For me, there's no magic, just an understanding of how these energies work together and can be used to better an opponent.