I found issue #5 today in the racks, and never saw it before. I'm really impressed: the images are powerful without being manipulative tear-jerkers, and the printing is just incredibly gorgeous.
It's like Lenswork with more immediate issues or Aperture with less conceptual art. There is a bit of artspeak (after all, they are of the new documentary school: large format, color, deadpan, Düsseldorf-style imagery, etc) but not so much that it becomes a distraction.
I am also impressed by their community initiatives, one of which being a small darkroom in the Philippines town of Batangas. They are always looking for donated equipment, and have some ten enlargers setup.
I'm going to subscribe because it is such an awesome magazine in all respects. Perhaps we should invite them to APUG: it seems to me that a lot of the photography they publish is on film, and the community darkroom obviously runs on silver.