Have a look at all the photo mags that are in print, and you'll see that they are usually printed on high quality paper, in full colour.
I regularly purchased the Photo Trader when I lived in AU - dedicated to everything photographic, but it was on cheap stock and cost about $3.50/issue (5 issues a year I think from memory).
If you want to get into producing a "photography" magazine that showcases photography, you'd need to have good quality printing (along with items of interest) or people just won't buy it. And of course quality costs.
The mag I mentioned previously was printed every quarter I think, but looks like it has disappeared - obviously costs, items of interest etc outweighed the number of people willing to support it.
I'm all for purchasing a good magazine, but it needs to hold my interest to keep me coming back. No matter how well printed it is, if it doesn't have interesting content, people just aren't going to purchase the next issue or worse, subscribe and that will ultimately mean its demise.