I'm excited, but I hope they try for something a little different. I'm not sure the old previews/reviews format works anymore these days when you get can all the information you'd ever want about a game via the internet. In the pre-internet days, magazines were all we had as far as finding out details about a game or seeing what it looked like. Just don't need previews from a magazine anymore, and it's why I currently have 0 game magazine subs when I used to have 3-6 at any one time.
Something like a video game "enthusiast" magazine would be awesome. A mixture of old and new, PC, consoles and handhelds, keep the previews stuff limited, more interviews, editorials, tasteful covers... something targeted at the 20-40 year old demographic instead of teens. Like how Next Generation was early on (but preferably without their love of hyperbole).