If we were talking Sports Illustrated or Wired. My understanding is Sideways (and no I do not subscribe) is an iPad magazine that writes about the iPad. Given your market is pretty much exclusive to iPad users, why would you not want to write it as a native app? That being said I don't think an iPad only app would work for just any magazine, it has to be tailored to a specific audience.
I have, however, tried Wired's app out of curiosity. It does work well, the articles are laid out properly and switching is smooth, embedded videos popped up instantly and played well. Advertisements are there but unlike Wired online they are not splattered all over the same screen as the article but separate. It is, most definitely, not the same as wired-online and if I was a real fan of the magazine I would be a regular.
Putting that aside a native app magazine has all the content preloaded when you purchase the magazine, including the advertisements of course, so when you access it it is all there, no internet connection required.
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