This will be going for both Movie 1: Beginnings and Movie 2: Eternal.
These two movies aren't bad, and in comparison to the majority of recap movies like this, Madoka Magica's does a far better job of respecting the original series and actually feels very well paced like an actual movie. However, if you're a newcomer to the series, the original series is vastly superior in terms of overall pacing and tone, as well as also having all the scenes that were cut from the movie. The movie does have some animation improvements such as redone backgrounds for a number of scenes and some redone voice-work and music, but there's just enough cut out that I wouldn't recommend it for those who didn't see the original. If you've seen the original series however like I have, these two movies are a great adaptation if you wish to revisit the story again without sitting through 12 episodes again.