This may be the type of thing that can really put a hurt on print media. If it’s operated like Fly Fish America (free) I’d guess advertisers alone could support a magazine with quality content – there are no print and distribution costs.
Now if I can store issues on my hard drive in pdf format (not some proprietary reader) for a small fee and index them for search, it would make it incredibly easy to find that random article I’m looking for that would have otherwise been lost in a pile of magazines.
Advertisers should love this with the ability to link directly to their websites and even specific products.