I subscribe to Practical Photography, It can be an interesting read, but like a lot of magazines, they do start repeating and contradicting themselves after a while - still, it gives me something to read on the toilet.
Some of the articles are pretty interesting in there, and they do some good reviews on various kit from compacts to DSLR to 35mm to MF. Best bet is to pick up a couple from the newsagents and make your own mind up. Amateur Photographer is another one of the genre, but I got the feeling that there were a lot of film 'purists' reading that - similar sort of mag though.
Main reason I subscribed was to get a camera bag, a nice little Lowepro one - The current offer is for a Crumpler bag, so for £42 you get a decent bag and a years subscription.