It is a brutal piece, but, rereading it this morning, there's a lot of "Oh you're doing it wrong" in this piece and when you go and read something like this it is not clear the magazines are doing it right.
Yes a dose a business acumen probably wouldn't go astray in most small amateur run publications (I could certainly do with some!) but magazine circulation departments are notorious for treating their readers like idiots and I still believe the web holds far more promise longer term than print does.