Actually not that much. Have a look at the 2.0.0-rc2 version of
pThumb.
Of course, I didn't implement all of phpThumb's rather baroque feature set. I figure most of that stuff is rarely used and could be better done nowadays with CSS transformations and the upcoming filters. So currently the replacement (Resizer) will do image sizing and cropping, which is mostly all it's needed for. Besides being faster, I wrote it so that all nine zoom crop positions work even with GD, and dimension options like wp, hl, ws, etc. work now too (they're broken in phpThumb).
Resizer works with any of these three PHP extensions: Gmagick, Imagick or GD. It'll auto-select the best one or you can set your preference. pThumb transparently handles switching between phpThumb and Resizer and you can even use both on the same page, so if you need some crazy phpThumb option you can use it for a particular image while using Resizer for the rest of the images.
Resizer doesn't work with the command-line versions of ImageMagick or GraphicsMagick, just the PHP extensions. That's a limitation of Imagine. But it makes detection much easier. Seems like half the time phpThumb couldn't find ImageMagick even if it was installed.
If you have Gmagick, would you mind testing it? I don't have that so I've just tested with Imagick and GD. Once you install pThumb, go to System Settings > phpthumbof and change Use Resizer to Yes; it's not enabled by default. If you change the &debug property on the phpthumbof snippet to Yes, it'll put some debug messages in the error log so you can see what it's doing.
Just for grins I did some rough speed tests comparing phpThumbOf 1.4.0 and pThumb with phpThumb and Resizer. The test page is image heavy: 29 fairly large images to resize and zoom crop, and 4000 existing images in the phpthumbof cache to simulate a big site.
To generate the page with no image resizing: 0.92 s
To generate the page with none of the 29 images in the cache:
phpThumbOf: 20.5 s
pThumb (phpThumb): 9.14 s
pThumb (Resizer - GD): 7.39 s
pThumb (Resizer - Imagick): 5.67 s
To generate the page with the 29 images already cached:
phpThumbOf: 12.3 s (mostly because of the 4029 cached images)
pThumb: 1.00 s (no difference between phpThumb and Resizer since neither is even loaded)
So once the resized images have been cached, pThumb adds very little overhead.