Naturally it has a cool-factor, and paper can indeed be more calming than a screen. My criticism (as far as you call it that) isn't related to the product itself, but to the process of making it. Again, the first edition will be great. But then what? The problem I see is continuity. At some point people have other things to do, or they're out of ideas, or they just don't care anymore. Look at how MCCW went down-under after only three issues.
Another thing to consider is that many developments are actually interactive forum threads. A magazine article isn't interactive. So, if someone learns assembly here in the forum, the learning steps can all be seen. Post by post, question after question, all tiny baby steps. An article in a magazine is one large chunk in which you need to rely on the author to do it write, there's no steering wheel. So, a question could be whether full non-interactive tutorial articles make much sense these days. You would need outstanding authors making such articles. They may find a few of them, but if those experts decide to do somthing else, the continuity is gone. It's very hard to have a backup plan in those situations.
Again, I'd loud anyone who succeeds making a proper MSX magazine these days, but, as you (ro) once pointed out somewhere, it's often like whistling the national anthem while eating a banana. 
