This is a fairly new magazine that I ended up getting a free 6 month sub to from one of those online offers. Issue #7 just came out a few days ago. I'm *VERY* impressed with it so far. The layout, format, and art style all remind be of the old GameFan books. Same glossy cover and thick pages and I think some of the staff are ex-GameFan.
What really sets this mag apart from the rest of the crowd (and makes it appropriate for discussion here) is its coverage of things other mags don't touch. Emulation, retrogaming, hardware hacks, game remakes, arcade games and more are all covered in it. A few issues ago, they had an article on how to hook up a cartridge slot to the new Atari Flashback systems to be able to play carts. In the newest issue, they have part 1 of an article on how to build and configure a pc to place into a Vectrex and use the Vectrex as a monitor for vector games in MAME. A couple months ago there was a huge spread on everything xbox media center can do for you.
This month also has a good article about the legalities of reverse engineering which discusses the Game Genie, psx game enhancers, ninjahacker.net's mods, and pc mods. It also has a short interview with a EFF lawyer about the DMCA in regards to "fair use" and the BNETD case.
They also seem to give a lot of coverage to new games for old systems and homebrew remakes of old games. They've done previews for the new Genesis rpg and a nice article on AGDI/Tierra's remakes of the old Sierra Quest games. They also profiled Phoenix Online Studio's unofficial King's Quest 9, including covering the legal spat they got into with Vivendi over it.
There is also a retrogame review section where they showcase an old nes/tg-16/arcade/etc game.
I love this mag and hope it survives. I'll see if they extend my free sub if I don't renew it, but I wouldn't have any problems plunking down some money for this. It covers a lot of topics that are of interest to retrogamers and largely ignored by other mags. I haven't looked around the bookstores to see how many carry HGM, but I would suggest checking it out. At the very least, check out their website. They have all 7 issues available as high quality FREE pdf downloads. they imbed links to product sites in the ads if you happen to click on them, but they're FREE!