When I got my Kindle Fire, one of the things I most wanted to check out was the Newsstand, where magazines would go. My first subscription was to Popular Science. So far, I've received automatic downloads of the November and December 2011 issues.
The magazine looks great on the Kindle Fire screen. The downloadable edition apparently includes everything that's in the print edition, including advertisements. The graphics are vibrant and sharp, and the text is very crisp. I can just barely read the text in the normal view, but double-tapping the screen enlarges it to 2X. You can also pinch-and-zoom with your fingers.
Tapping the Menu icon on the Options bar brings up the linked index of articles. Tapping an article name brings up the article, with scrollable thumbnails of other pages at the bottom (you can make the thumbnails go away by tapping once at the bottom of the screen).
This is definitely the future of magazines (perhaps newspapers, too). No more stacks of magazines piled up in the house, and no angst of deleting them from my Kindle Fire to free up memory, since the magazines will remain stored in Amazon's Cloud.