I saw this service posted by a daily "consumer-ist" blog I read. Basically you pay $5 a month for 3 magazines titles each month. There are other plans you can have for up to 15 magazines each month for $16.95 or $1.13 per magazine.
There are some "premium" magazines that cost extra each month. For example Time magazine is an additional 75 cents a month. It seems like the premiums are all the magazines that come out more than once a month.
I bet most of these mags could be had for the same price or less with a years subscription, but then you have to commit for the year and layout the money up front. The real value is if you like to change it up or try a mag out for a few months. You can change your selection at any time and they'll tell you when to expect it in your home. Also, they have a free 30 day trial when you sign up.
From the Website:
What is the difference between a MAGHOUND membership and a traditional subscription? A MAGHOUND membership is very different from a traditional subscription. With a subscription, you commit to a specific magazine for a set duration and price. A MAGHOUND membership requires no such commitment. Instead, you pay a monthly fee for a fixed number of individual magazines with the option to change or cancel your selections at any time- with no penalty or cancellation fee.

