I'd have to rewatch the movie again to be sure, but wasn't there an explanation in there somewhere, which explained that "The Eye" is a secret society of elite group of magicians chosen only twice each century. Their historical purpose has always been to redistribute the wealth from the richer classes down to the poorer classes. (Kind of like Robin Hood.) "Magic", illusions, and distraction are simply the vehicles they use to execute their objectives.

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To eon - I was hoping I would run across a "The Eye" question. I'm with ya that I didn't get a good definition for the "Eye" explained in the movie. At first pass, I assumed it was an exclusive MVP of magicians- like a club. Or maybe it was more like the Illuminati or Masons . . .
And to the response about the extra scene during or after the credits - my bad; I haven't caught the end credits for this movie. It played back to back twice this evening on TNT channel. Is the scene enough to give a better understanding of The Eye?
Again, I watched it twice today and I didn't see a scene following everyone jumping on the carousel at the end. I do know that Ruffalo gave them the "Welcome to The Eye" line before he jumped onto the carousel and disappeared before it made one complete revolution.
Help?

LOL
"Congratulations guys! Welcome to
the Eye
! Free carousel rides for life! WEEEEEEEEEEEE!"

Well if you stayed for the end credits they were also led to a stupid junkyard. So yeah. Pretty cool stuff.