I haven't looked at the Dragon magazine in a while, but I looked at issue 416 and found it lacking. Yes it had plenty of fluff, and, yes, it had plenty of crunch, but there are a couple things missing that made the magazine feel like Dragon to me.
First, where is Dragon Mirth? The comics at the end of the print issues always made for a good, light hearted, closure. I would always make a point of waiting till I read the rest of the magazine before I would read Dragon Mirth.
Second, where are the third party advertisements? The third party advertisements added to the visual impact of the magazine, and gave the game a feeling like it was part of a greater community. Without them, Dragon feels like a document generated in the void of a corporation. Hell, even airline magazines are filled with advertisements, and they have a captive audience. Why wouldn't Wizards and Hasbro want to sell advertising space to pad their bottom line? Instead of paying artists, they could get paid to include artwork that perpetuates the fantasy mystique, and fuels the creative spirit of the game.