It's an awesome magazine. I don't currently have a subscription though. I just wait to get a year's free subscription by attending various SQL Server events, such as PASS or Microsoft events. I haven't attended one in a while, so my subscription didn't get renewed.
Of those 48 pages, about 20 is advertises. I like Itziks Black Belt series of articles (better ways to do things). There are other writers too, and they mostly cover new things, such as new functions and so on.
We are going to subscribe to online magazine only. It's not worth shipping 48 pages half-way around the world.