Detect Magic uses, Does it work on Masking characters? Options

[Gilthanis]

I am in the process of making a new character for a campaign we are just starting. Every time I come across the Detect Magic spell I snicker and say that is one of the dumbest spells because you can just astrally perceive to get the same information. Then, it dawned on me. Can this spell notice magic that is being masked by an initiate? The spell isn't clear on that and since I'm not directly looking for that specific magic, does the Masking ability fool the spell. Also, the Initiate wouldn't necessarilly see the spell and attempt to consciously hide anything. What do you think? Also, if there is anything in the erratta that I missed just let me know.