I have a subscription for PhotoPlus which I find a great mag....So long as you're a Canon user
Think they've brought out a Nikon one as well now - cant remember what it's called though...
After many years of magazine buying, reading and hoarding, the one I subscribe to is Amateur Photographer. Repeats itself far less often than the monthlies and is out once a week. Loads of ads in the back which some hate (they tend to be very similar from week to week but make interesting reading a few years later! £999 for a D70 + 18-70 kit lens?) but I find a handy reference guide to what I can't justify!
Worth keeping an eye out for good deals and gifts on offer to new subscribers (for all the mags) and cover gifts.
"Black and White Photography" is my favourite. It concentrates more on photographers and photos and only has a few pages for new equipment and Photoshop guides.
Obviously the Black and White side of it may be off putting to some!
I think digital slr photography is a good read....good mixture of reviews, articles, how to's and Photoshop/Lightroom!
I subscribe to Black n White mag. Though I wish it had a bit more Film content. THe other downside is that half the mag is adverts (I guess every mag has this though).
I'm currently trying out a digital mag called Focus magazine. Looks interesting !
focusmag.info
I wonder if there is a sufficient market for a film only magazine.... might have to fill a lot of it with lomo stuff, but I imagine it could work.