The rescue / appropriation / prank? of the Timothy McSweeney website, has been neatly summed up by Suck. 

For other bits of magazine news, I'd recommend checking out Slate from time to time. Recently they've commented on the debut of the magazine 'Real Simple' (as does Salon, Slate's arch-enemy) and slam Barbara Ehrenreich on her latest article in Harper's Magazine. Bonus: A Slate 'explainer' on what magazines matter.

Perhaps I should start a meta-maglog.