I was just about to mention HFW. That was *exactly* what a magazine for genuine enthusiasts looked like. Unfortunately, they were eventually forced to sell their soul to the devil... I take your point about printed media, and agree, but I think it could still work if the content was designed to appeal to a UK audience.
Specifically, those with an interest in the type of hi-fi topics discussed on all the main forums, especially if the vintage hi-fi scene, together with a DIY element, were properly catered for, along with regular articles on reader's systems and a good letters/advice column.
The latter is the 'heartbeat' of any successful hi-fi magazine [the removal of which was one of the main reasons for their current decline], which doesn't cater simply for folk who like ogling at pictures of equipment they'll never be able to afford!
Marco.