I'm pretty sure all the material except for one or two crucial pieces of art is ready. As soon as we get the art, the layout folks will be given the material and set to work.
Yes, layout folks. We're planning to have several people each do a layout of Asgard 5, so we can choose who is the most talented. We'll be taking feedback from you, the readers, in a sort of mini-contest (this is, of course, assuming that all of the potential layout designers actually turn in a version promptly).
And when you ask about distribution channels, do you mean, "Is Asgard going to cost anything to download?" If so, then no, Asgard will continue to be a free magazine unless something dramatic changes (namely, ENWorld getting enough money to actually pay our writers and artists for their work). Submission standards are lower for Asgard in general than for Natural 20 Products, so if an interested and eager gamer wants to publish something with us, we usually ask them to submit an Asgard article first, so we can gauge their talent. Also, since Asgard is free, and we're not hoping to make money on it, we can do a little bit riskier things than you could in a normal product. But Asgard will stay free; that's the main appeal of it, even if it means that the quality or speed of its production might be less than for a published periodical.
If you have any suggestions or other questions, please post them. If you want to see full-length fantasy comics in Asgard, we'll never know unless someone asks for them. If you're interested in seeing a particular type of article, let the whole community know, so we'll be more able to fulfill your desires.
I hope this helped.