What we are seeing clearly already in this thread is that there is a large variation in taste. Some want to have lots of tricks, some prefer theoretical articles, others historical ones, some want up-to-date current reports of shows and magicians...and the list goes on.
Add to this the tiny subscription base magic is seeing. Linking Ring has about 14000 subscribers, MAGIC about 11000, Genii I guess 8000. So give or take ten-thousand potential subscribers to a magic magazine. If one factors in the various taste groups one quickly sees that any given magazine has about a 1000 totally happy subscribers, a few thousand which think they get enough out of it to keep subscribing and the rest are come and go subscribers or the ones that subscribe no matter what you put in the mag.
In my opinion MAGIC and GENII are at the boundary of what is feasible in magic. Unless there is a huge boom bringing thousands of new people into magic there is not a whole more one can expect. The subscription base, or number of magicians, is also limiting the amount of ideas and new and noteworthy contents. I guesstimate that there are a few hundred, perhaps a thousand magic authors/creators/contents-providers.
If there would be 10 million magicians and let's say 100 thousand creators the kind of magazine possible would be entirely different.
In summary, I think one cannot assume much more than is already provided. There will always be periods where a magazine will shine and then periods where it will lack in contents. There will always be issues one likes and issues one would like to through in the garbage can.
My best adice would be to provide as much variation as possible so that at least every year there are two or three issues most like to keep subscribing and keeping the mag alive.
Chris.... Lybrary.com preserving magic one book at a time.
P.S. to Richard: See, I made a post without using the word ebook - ohh - now I just did!