I have gotten a fair amount of enjoyment out of bicycling magazine over the years, but I have never subscribed. I do agree some issues might as well be full of adds there isn't much I ma interested in. I don't race either so yeah. When I am at the library I pick it up and see if they have anything interesting in it. Sometimes they really do have some good stuff in there.
Bicycle Times looks interesting from the website, but I have a hard time subscribing to magazines anymore. I hardly ever even look at them and my wife gets annoyed with them piling up. I generally feel good about taking them to work so they get use out of them one way or another. It looks like its free via amazon kindle. Maybe i would read it if I can get it on my blackberry playbook.