The economics of a print magazine are terrible. I've been involved with a number of print magazines and newsletters that have gone to digital only - and the quality improved. Postage, printing and paper are terribly expensive. Editorial costs are fixed regardless of whether your readership goes up or down - and generally it is dropping. Layout and proofing costs are high - and need to be duplicated with a completely new version for digital formats. And the future of digital is embedded video, links, added extras, etc. Even if you go the print on demand route, you're looking at $20-30 per issue for print and delivery cost.
Nikon Owner magazine does a great job. I've just heard about Wild Eye - and it's apparently picking up some columnists from Outdoor.