I don't think we can really answer that. Well, first off, magic powers sure sound cool, BUT we can't imagine how it would be like to have to hide them, fight against demons, protect the innocents etc. Maybe after I had magical powers I would be so annoyed with them I wanted to give them up. In that episode you could see Piper was the most eager to give up her powers, That's because magic kind of stood in her way all the time, for example when she wanted to get married but wasn't allowed to. Paige, on the other hand, was still pretty new to magic and had only seen the positive sides. So she wanted to keep her powers pretty bad. So I don't think we can say exactly what we would've done.