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Depends a bit on what magazines and newspapers you want to read.
I've been using Calibre to download two US newspapers from the web, and the selection of magazines you can do the same for is impressive. Of course, you have to be interested in the text of the articles primarily. The pictures definitely look nicer on the website.
Take a look over on the Calibre section here at Mobile Read, especially on the "sticky" thread devoted to scripts. You might find that it might be possible to do precisely what you want on just about any e-reader.
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