The first issue of Kobold Quarterly turned up in my inbox this morning. I haven’t finished reading it yet (I’ve got a weekend ahead of me for that), but my first impressions are favourable.
It has a fair bit of crunch (game mechanics), but most of the content is fluff (setting information) which is how I like it. I have access to more then enough D&D game mechanics already so I’d rather have inspiration for plots then anything else (and I’ll confess to finding fluff more enjoyable to read than tables of combat statistics).
Having a high fluff content has the added bonus of making it handy for people who are running non-D&D games with a sword and sorcery setting (I know at least one person planning a RuneQuest game in a D&Desque setting).
One feature I’m happy to see is the Ecology of series, which was one of my favourite bits of the late Dragon magazine.
If you like RPGs then I suggest you pick up a subscription. At $16/year it is pretty inexpensive and is aimed at both DMs and players (although, it seems slightly more suited to the former).