Personally i'd love it... while the internet is great, actually have a mag in your hand to read/take anywhere is wonderfull...
things i'd liek to see (if it ever happened):
maybe 1/4ly or bi annual
reviews of old bikes .,.. er of course...
shoot outs
comapring to new bikes...
interviews with old racers/makers ...
now i know its a long shot, but in the world of waky mags...
solecolletor
sneakerfreaker
2 mags that came from zero with no advertising and are still going strong after like 6 years... admittedly the industry changes a lot since the start of these mags...
also it wouldnt ahve to be (although i'd prefer) MTB, could be road and BMX too... that'll give you a much broader base to sell to...
just dont do what "total audi" did...