I recently flipped through the new 72 Magazine at a local bookstore and the print product looks very good. The issues were not printed with book thick covers but they were very glossy and high-end. The price was $20. Advertisements are important to see new fashions, new/familiar faces, and photography but I did not miss seeing them inside the issue. The paper also had a distinctive smell which I loved. All these bits of photographs posted on these TFS threads flow beautifully inside the print issue.
The magazine is definitely not a waste of paper, resources, or energy. My favorite part of the editorial content is probably the makeup story and the wonderful Inez and Vinoodh portraits inside. There is a great shot of a smiling Penelope Tree in it. Please check it out if you can and see for yourself that it is not as bad as it looks. I was very tempted to purchase a copy and I will, eventually.