As someone who has been away from RPGs (and, consequently, D&D) for about two years, I speak with a little more comfort than most here.
I love books. I absolutely love them. Magazines usually are to books what a "quickie" is to sex (pardon the comparison, but it's the one that first popped in my mind).
However, Dragon and Dungeon were not regular magazines. They could be referenced in the future, used endlessly, providing new things even years after their publication date. Far more like a good book than a regular subscription magazine. Far from being "quickies", they were nearly endless repositories of fun and enjoyment.
It's very interesting that WotC has decided to pay more attention to the online world, and I hope their new take is better than the first blunders of TSR back in the early 90's (if anyone here remembers Wilson's "Showdown on the Electronic Frontier" editorial in Computer Gaming World, bonus cookies). But it's just not my kind of thing with PnP RPGs.
Don't get me wrong, I love the electronic world. I have been playing World of Warcraft for almost two years now, and the enjoyment I have there is, contrary to popular belief, no less than what I had in my best years of PnP gaming. It is not shallow when you're surrounded by people you like and communicate with every day, and when you experience adventures, be they facing monsters in a cave or just running around town talking to each other (or beating each other to pieces in PvP). It's just a matter of recognizing that it didn't really matter what the adventure was about, it was all about friends and human company. But I diverge from my point.
Role-playing games were, for me, a lot about the experience of the written word. I liked to write my adventures (always been a DM at heart, I began as one and ended as one. I played in a grand total of 3 campaigns in my life), and I liked to see the rules and the setting fleshed out in detail. I understand that this is perfectly possible in an electronic media, but something just doesn't feel right.
As I said before, I love books. And I think my fetish (for lack of a better term...though it may be more appropriate than I think) for paper may just be the tipping issue in all this. I cannot see myself, in the past, present or future, investing my money on an RPG magazine (or its equivalent) that is only available in online format. It's the same reason why I don't read comic books online, however available they may be.
A computer, no matter how small, is infinitely more cumbersome than a book. It has wires, or it's hot, or it has to be recharged, or it's too big. It also hurts your eyes if you spend more than a couple of hours reading something on the screen. I do not recall ever having to stop reading a book because my eyes hurt, even after marathon sessions of ten to fourteen hours. Computer screens have evolved since the Amber and Green screens of yore, but not to the point of actually being comparable to a sheet of paper.
There may come a time when PnP RPGs become CnC (Computer and Computer) RPGs, but I do not believe it will happen soon. Some would correct me and point to my own experience with MMORPGs as proof that such a change has already taken place. Though I would admit (as I did at the start) that I immensely enjoy my MMO experience, I am also ready to say it's definitely a different experience. Until a time comes when I can honestly say something I play online is the equivalent of a PnP RPG, I will remain away from them.
I am currently preparing a campaign in the world of Birthright, a long expected (at least among my closest friends) return to PnP RPGs, and of course this gives me considerable freedom to ignore anything new from WotC or any other company for that matter. But I still enjoyed the chance of looking into a Dragon magazine, new or old, and expecting to find something that would help me craft a better campaign for me and my players.
A sad day for me.