There are plenty of online 'zines, so I am never too drawn to them. When you actually print a magazine, there is a certain amount of necessary work that goes into their production that you can skip in online magazines, often times making the printed material more intriguing just from a technical standpoint. Like, you need to format pages yourself (no template), you need to actually edit the stuff since people will have easier acess to your publication rather than the web one, etc.
Anyway, I was impressed with Newpiece. But I don't think you can really call it a magazine. Sure, there are "issues" (three to be exact), but they have almost no text, and aren't even set up in a traditional magazine format. The 'zine is simply a collection of new artists' work. But you download it and view it in Flash which gives each issue a cleaner and more professional look. I've only looked through issue three, so I can't say if the previous two were any good, but I liked what I saw and that's enough for me.
What's this collage book thing that is up on the site? Looks cool ... want to see what it is!