Last I checked, if you said "hello", or "how are you?", they would respond. Now were they in full sentences and completely coherant? Not that I recall, but they did talk.
Aye, this seems to suggest that they are capable of actually communicating, way beyond what a parrot can do. In fact, I expect them to become more proficient at this when they grow, since the current stage is supposed (to my knowledge, anyway) to be more or less the equivalent of an infant.
Speaking of "magic pets" and such... going by the ingame content, each and every pet out there ATM is magical. It's spirit is bound to a ring by a spell. Plus, you can summon and dismiss them, unlike RL pets.
I'm not sure about the time limits for summoning though. Possibly it was introduced to prevent pet spamming / use as signs, so it doesn't necessarily emphasize the magical nature of pets.
I wonder if there will be "normal" pets some day (with loyality instead of mind control, etc.).