Slowly the number of iPad magazines using Apple's new subscription model is growing. The Wall Street Journal reports that Hearst is now in. Starting with their July issues, iPad apps for Esquire, Popular Mechanics and O, The Oprah Magazine will offer in-app subscription for $1.99 per issue or $19.99 per year. I actually read Esquire Magazine on the iPad via Zinio for $8 per year (11 issues). Zinio offers digitized versions of magazines. Of course they lack interactive features, but I think it's still too early for magazines to leverage what can be done on the iPad.
In the long run I see magazines transforming and offering a real value add on the tablet, but I do not see it yet.