X-ray magnetic circular dichroism (X-MCD) serves as huge element-specific magnetic contrast mechanism in combination with soft X-ray microscopy to image magnetic domains with a current lateral resolution down to 25nm. The sensitivity of X-MCD on the projection of the magnetization of the ferro(i)magnetic species along the photon propagation direction allows to study both in-plane and out-of-plane magnetized systems. The capability of this photon based microscopy to record the images in varying external magnetic fields and the high sensitivity down to thicknesses of a few nm is outlined and proofs this novel technique to be a promising tool for the study of the switching behaviour of individual layers in thin film magnetic media that are currently discussed (magnetic sensors, spintronic devices, etc.). Recent results obtained on nanostructured and multilayered systems will be presented together with micromagnetic simulations to get insight into the micromagnetic properties of these systems.