Dungeon and Dragon are now irrelevant to me. Its free right now and I don't even bother to read most of the issues.
I don't like the online site (it is hard to navigate and read). I loathe the delve format. I loved content from Erik Mona, James Jacobs, Logue, Pett, Schneider and the rest and I don't care for the new authors stuff so far (no offense Ari, I'm sure you'll do better next time!). Even Jacob's Demonomicon seems flat compared to what it was before. I loved old Dungeon's Greyhawk and old school references (Isle of Dread, Maure Castle, Demogorgon, Kyuss) and the only effort in this direction so far in the new Dungeon (Tsojcanth) was terrible -- the Gygaxian lore for Tsojcanth from Ye Secrets of Oerth Revealed by Gygax clearly contradicted the adventure -- therefore unless it was an extraordinarily good rewrite, the adventure is wrong! I'm not just an old school grognard complaining about 4e; not only does Dungeon not have the Old School credentials of Mona and Jacobs, but it doesn't have the New School freshness of Kobold Quarterly, Logue's Sinister Games or Wolfgang Bauer's Open Design (Empire of the Ghouls, Logue's effort) or Pathfinder (Logue's hillbilly ogres, pathfinder's plague city, pathfinder's classic monsters reimagined, etc.) .
WoTC may own the D&D trademarks but most of the creativity seems to be coming from Logue, Pett, Baur, Jacobs, Mona, and the Trolls' Castle Zagyg. With Monte being retired, I am starting to think I shouldn't even bother looking at Wizards' stuff anymore when I can get more bang for my buck from these authors outside of Wizards (Kobold Quarterly is something like $5!).
The only positive thing I can say about Dungeon is that it is better than Dragon!