Personally, I think the way forward for an OGL magazine is as a free online resource, with weekly releases including adventures, new feats, classes, etc, with a downloadable PDF at the end of a month. Throw in a forum where people can discuss the articles, rules, new products (pr, more likely, existing products) and you might might just build up enough of a loyal fan base to survive.
I've considered doing something along those lines myself. My primary motivation would be a place where we could discuss the SRD and how to improve it and create a rule set that people could use. The arrival of Pathfinder made this something of a moot point, though not entirely. I wanted to create a site where people could fish for rules 'modules' that they could easily just drop into their game, replacing existing rules, without too much work - meaning people could pick and choose the bits that suited their game.
I thought it might also be a place where existing publishers of OGL products might advertise their wares and where people could discuss existing products, etc.
Not sure there would be enough interest to warrant it, however. As has already been mentioned, people's enthusiasm often outweighs their commitment.