I think there will be a place for both, for a long time to come. They provide something different and the different formats handle certain stuff better in some ways.
I know I will always keep up my subscription to Flying Models, as long as they keep producing a magazine I like to read. I can't throw Stuka Stunt on the back of the commode to peruse when I need to! Webzines are also just hard to read, and focus very much on little snippets that can comfortably be fit into a single screen. Not to mention the time wasted.
Both formats need good editors who can dig up relevant info and get it into a presentable format for the readers. Producing a magazine is not just collecting stuff and organizing it for publication. An editor has to have a vision of the purpose of the mag and keep focussed on it and present a consistent image for it to succeed. I get a lot of trade magazines and they all are going through changes, mostly brought about by the availability of modern compositon software. They are all switching to busy, scattered, almost unreadable formats that mimic web sites and just don't work on the printed page. Tom has done a really good job working with the material he gets.
