I personally like the use of both internet and magazines.
It is true that news on the internet is far quicker and more uptodate but you always tend to find that articles are just rehashes of press-releases that have been copied from site to site without any personal touches or opinions.
I like to read EDGE because it's got a lot of stuff in it that relates to the games/interactive media industries as well as the games themselves. Most other magazines don't offer a look at the industry, just the rivalry between different consoles/computers.
I like magazines! (and the net as well)
That concludes my non-conclusive conclusion.