Scott Karp has an article at Folio examining the ability of print magazine publishers to compete with online-only publishers.

Scott points out a few online magazines that are succeeding and why an online publishing model has its advantages over traditional print media. He ends with some solid advice for print-centric publisher:

So what is a print-centric publisher to do? Well, you can either hope that your niche is safe. Or can sit down with your editorial staff, take out a clean sheet of paper, and ask – what would we do if there were no paper? Print brands can and should be robust competitors online – they have the credibility with their niche audience and deep editorial knowledge. What's changed is not the importance of those things, but that those things are enough to remain competitive – especially when a previous monopoly becomes competitive.