I can't emphasize enough how much I agree with the idea that
Dragon and
Dungeon should really focus on supporting core D&D products and worlds. Perhaps the mainstreaming of good OGC, fitted to the core rules as needed, could be a part of the magazine from time to time.
Maybe this is heresy, but there's an awful lot of stuff on the WotC site in this vein that I'd rather see in
Dragon or
Dungeon. Like the Dragonshards articles or the short adventure sites. This type of strategy might better serve the readership, if there is any truth to the notion that more people read the magazines than download Wizards' free stuff.
But I'm no editor-in-chief. Maybe, someday, if I'm lucky, I'll be an editorial assistant.
All seriousness aside, though,

issue #329 wasn't an issue for me in the sense that the bulk of it I'll never use in a game. The more flexible format, however, is great. Maybe the Class Acts could grow and shrink as needed, too. Adhereing to a policy of "we gotta have one of these in every issue" just seems like a questionable policy, no mater what "these" are.
And let's not forget that many of us read
Dragon for entertainment as much as anything else. The magazines are inexpensive insofar as entertainment value, methinks.
I also fail to see how the current Dragon is so different from the old. New rules? Check. New monsters? Check. New magic items? Check. And more. What's lacking? One can't expect every issue to be a jaw-dropping font of useful game material for every reader. It has been a consistently good read lately, though.
I support the idea of an index, too, just to throw my hat in that ring as a subscriber. It's hard to keep track of what's in four years worth of mags, man.
Dragon is certainly relevant. It may still be filling out its Unleashed lack of a collar, but it seems to be growing in a good direction. Dragon is just a harder beast to tame than cleaning up Dungeon. More variables….