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Good Old Boat is hands down the best sailing magazine, IMHO. My only complaint about GOB is that they don't offer a discount to subscribers.
Speaking of discounts, what makes anyone think that $10/year for boatworks is cheap (and therefore the magazine is having problems)? As a quarterly magazine, that works out to $2.50 an issue, which is certainly a good deal but considering that many magazines offer $10/year for 12 issues (such as Sail, Esquire, Rolling Stone, to name but a few) it is not "cheap".
And speaking of "not cheap", while I love Practical Sailor I hate the price. I've subscribed for a couple of years now, but I always let my subscription lapse for a few months because I can't bring myself to write the check when the renewal notice comes. But then I go through withdrawls and end up renewing a few months later.
Small Craft Advisor is also really good. While at 26' my boat is at the upper end of the target audience, the articles are really good and informative.
Two other magazines I read pretty regularly. One is Latitude 38. Free if you pick it up at West Marine. Great cruising articles. The other, I'm almost ashamed to admit it, is Sea. I know, it's a powerboat magazine, but being a west coast sailor it has really good destination articles. Do a Google search and you can find a free subscription offer for Sea.