I didn't vote, because I haven't read them all, but will say this: I have a background in journalism and feature writing and I happen to be a motorcycle fanatic. Motorcycle magazines, on the whole, suck terribly. There will be the occasional good feature written by one of a handful of good "motojournos" (the really good ones are all freelance) but for the most part, they're drivel; slightly warmed over press releases.
My FIL had a subscription to Bicycling. I would pick it up and notice a decently written feature from time to time, mostly the subject would be pro-riders. Overall, they reminded me of the motorcycling mags.
I bought an issue of Velonews in the grocery store the other day and overall enjoyed it, but got too much of a "rob report" feel in their fall/winter clothing feature. Just glossy pics of guys riding in full kit that costs more than my bike and no direct info on how they performed. Might as well have been a Nieman-Marcus catalog. There was some decent reporting on the Tour, but nothing really fabulous. There was a good feature on Floyd, but it hurts the credibility of the story a lot when Floyd refuses to speak and the magazine fails to get any sources close to him to speak at length on the subject. But I will be buying and reading future issues.
I then spotted "Road Bike Action" on the newsstand and the cover reminded me of a Bicycle buyer's guide, but I picked it up for the hell of it. And so far, I've been pleasantly surprised. I particularly enjoyed and article about riding in the Alps. It reminded me of the really good stuff that freelance writers often do in the moto rags. And a review I read was very straightforward with ups and downs without pulling punches. Let the product stand on it's own merits, and demerits as it may be.
So I'd have to say that so far, Road Bike Action would be my favorite, but that's only after reading one issue. It could have just been a really good issue. Happens to the worst of the moto-rags as well.