The latest issue came a couple days ago, and I've just started thumbing through it. My initial impressions are very positive. I really like the layout: very clean, different colours used in different sections, text is arranged logically, interesting art or in-game pictures are used, etc. There is a wide variety of original content. By that I mean there is a large number of editorials and features on subjects that have not been beaten to death -- the revived EGM has been very good so far at producing these types of articles, and this issue is no exception. Once again, I find an extremely long interview in the core of the magazine. All in all, it looks like a great issue. And I have to admit, I really like the paper quality...
People who bitch about magazines being 80% ads should read the new EGM. The first couple issues had maybe one or two ads, and the recent ones are equally frugal. While that likely does not bode well for the magazine's future, it makes for easy reading, enhances the layout (ads are not sandwiched in the middle of an article), and means that the ~100 pages you get are pure content -- it's basically the equivalent of a 200 - 240 page magazine.
So yeah, this is a good product. It needs to continue to produce original content and try to get a strong core of staffers to provide some continuity. Also, the letters to the editor section is really bad -- I miss the old days of goofy letters, snarky responses, etc.
oh, and I haven't even checked EGM
yet... maybe when it comes to the ipod/ipad