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IMO, the web will not replace print magazines for me until I am able to have 24/7 connectivity on a suitable replacement; e.g., I like my technology mags to go, not to sit in front of my PC and waste the day away indoors. There is a valid point, however, about the immediacy of the web being so much quicker and beating print media to press, but that won't stop magazines from going to print... and being by those of us who like to have something we can stuff in our backpack and read wherever, whenever.
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