I was lucky enough to win a subscription and the other 'first edition' copy at the OWMTBC. Based on a quick thumb through I was thinking of subscribing anyway.
In terms of the cost, as far as I know, initially it will be available every two months at most. So at £9 every two months compared to the £4 per month on MBR/MBUK and the like, the cost isn't bad at all.
Having spent the last week reading through my copy, I can say that it is of a very high quality both in terms of aesthetics and content. The articles go into real depth and they aren't simply about selling the latest range of products. In fact there are no product reviews whatsoever and less than 20 pages of discreet advertising amongst the 146 pages on offer.
I regularly read MBR, MBUK and a couple of the other current mags (mostly whilst sitting on the throne) and Privateer is hugely different and in my opinion vastly superior. It's more like a paperback book in a magazine format and far too nice to live in the bathroom now.
In terms of content, the article on the early days of UK mountain biking is excellent and includes substantial input from Jeremy Torr, John Stevenson, Max Glaskin, Paul Hinton, Steve Worland, Geoff Apps, Brant Richards, Rory Hitchens, Pete Tomkins and Steve Peat.
There's also a nice article about the early Rock Shox versus Manitou suspension developments and a 13 page feature based on collecting, restoring, riding and Retrobike. Although apparently John set up the forum in 1995...? Typo.
In my opinion the best article is the one about what Gary Fisher was doing before mountain biking. The back story behind the music and 'hippie' scene which spawned 'mountain biking' and the factors which influenced it, is well written, fascinating and completely absorbing.
I didn't pick up on anything telling me how to ride / what to buy / how to be, so I'm not sure where those comments are coming from.
Forum member MikeD is heavily involved so I'm sure he'd be happy to get some feedback. Having met him at the OWMTBC, he also happens to be a thoroughly decent chap.... For a journo.
There is an article contributed by a mysterious figure known only as 'The Ruddock' or simply 'Ruddock'. I believe that in the next edition The Ruddock examines metrosexual sub-cultures like bike polo and moisturising.