It says that if done this way, you don't lose a point of magic. Does that mean that you do actually lose a point of magic, but get it back because you are initiating, or that you actually don't lose your magic, and you gain one from the initiation that creating the familiar saved you karma for?

So, my guy creates a familiar as part of his first initiation. Costing 44 points (9 + 35 for a rating 4 ally with the sense link power). And his magic goes from 6 to 7, right?

Yup, exactly right.

It means you don't lose one at all and will gain one normally for initiating (assuming you're not trying to shed a geas). So yes, that's what happens.

That's pretty cool. I guess there's no opposition?

The familiar ordeal is pretty explicit on the topic. I was all set to argue the other way, but then I bothered to read the book

That is exactly what I did with my conjuror - rating 4 ally with sense link for first initiation.

I saved it for the fourth initiation of my conjurer and waited until I had enough Karma to summon a decent (Force 5) one. Up until then I "blew" my Karma and Spell Points on three grades so I could get Invoking, Channeling, and Centering as soon as possible as they come in handy more often for a conjurer than an easily disrupted ally spirit does.

No opposition from me. I will add that since you can only repeat ordeals with GM permission, you can't normally have more than one Familiar. Don't expect to be able to summon a horde of allies for cheap this way.

'Course, if you take massive amounts of damage and then fail your rolls you lose both the ally spirit and a point of magic IIRC.