I would prefer a magazine with a few, well written, in-depth articels. At least one articel should contain some rules content and story material, that might be difficult to convert to D&D 3.5. This increases the utility and usefulness of the issue. I am looking very much forward to seeing this.
One interesting possibility would be to connect with Dungeon magazine the same month. Writing one module that either is set in a OOP setting or uses material from the magazine. There would be some complaints, but in general I think it could increase sales. At least for that month :-)
Continuity wise, I would prefer that they follow continuity somewhat. It does not have to be 100%, but more like what I gather the Spelljammer issue was. Containing new info, that still could be integrated into the old setting, but is still new and different.
I would like to see artickels for Dark Sun, Planescape and Spelljammer. Ravenloft would be nice as well, but as Eric said, it is still in print, albeit from different company. Good luck and I am looking forward to buying it :-)