Not entirely fair, Vitamine. If you're disputing the praise for this cover, why not the praise Vogue Italia gets (used to get)? Or Vogue Ukraine? Is it because they're often more grittier?
Then you get to the context - this is Vogue Portugal.....hovered to be slightly above Vogue Taiwan in terms of fashion insider opinion. Used mostly reprinted shots. Went for a more commercial approach when they did manage to shoot their own covers. And now we have this revamp.
I will agree with you that what they're doing is not entirely original. Everyone is going indie right now and that's perhaps more due to the shift of contemporary readers (millenials, hipsters), than the state of affairs. Getting all the elements right is not as formulaic as you make it sound. They know their readers are primarily consumers of glamour and fashion (this is still Vogue.) But while catering to their needs, why not add a fresh twist to it by incorporating creativity as well? That's the job of hf magazines after all.
In addition, they're also giving each cover to a different photographer which furthers the promotion of young and rare talent, something many of the top titles never seemed to care about. Because the reason why we are bombarded by Weber, Meisel, Testino, Demarchelier, Leibovitz many years after their golden age has passed is because nobody else bothered to push for new icons. Not the ones who matter, anyway.
Ultimately they should be applauded for doing something, anything, to innovate what seemed to be an ailing title instead of blindly churning out the same commercial fluff while slowly withering away.