Wow, "magic e" just transported me back to primary school. And I had a little heart flutter fearing that I wouldn't be able to remember/explain it today.
I hate discussions like these because then I start reading words in weird ways and then I look at words as a random jumble of letters that don't even seem like words anymore. Is that just me? :)
"Loose" is a short word that ends sharply, but "lose" is a long word that slowly peters out.
They should be the other way around imo.