+Venger Satanis ' Draconic "Magazine" is that it isn't a magazine. It's a hub, a blog, a website but it's not a magazine.
At first glance, it reminds me of Gnome Stew, which itself is more than a blog but less than a magazine. Well, that's if Gnome Stew had black and red demonic goat's heads (or are they demonic goat-dragon mongrelations?) on the front page trying to play off the OSR by branding each head with "O" "5" "R" respectively while using the classic Dragon Magazine font for it's title (much like Gygax magazine does, it an attempt to be what it is not).
Therein lies my first issue with the first "issue" of "Draconic Magazine" - what identity is it trying to portray? Is it an OSR blog? A 5e blog? A "D&D is satanism blog? Is it the reincarnation of the Old Dragon Magazine, assuming it went the way of the dracolich?
+Venger Satanis is a Satanist (or Cthulhuian now) priest. I get where the "demonic" trappings come from. To each their own, but for me, such overt trappings are a turn off. It's not prudishness. I'd have similar feelings if the trappings were crosses or stars of David. My preference is to keep "real" world (as in not created by modern fiction) out of my gaming.
As for the actual content? No better and no worse than the average gaming blog. Which in the end is what Draconic Magazine is - a blog with mostly posts by Venger with a few others in the mix. Again, similar to Gnome Stew but with a satanic tilt to the trappings and an attempt to cover a wide base of D&D editions.
Is it worth the read? It's a gaming blog. There should be something worth stealing.