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Mygazines is a new service that allows sharing magazines (scanned versions with a nice resolution) and read them using a simple but practical Flash viewer.
According to the press release this is similar to what you dentist does when he puts a few magazines on his waiting room. If you say it that way it sounds quite natural and legal, isn't it?
Is Mygazines testing the waters to see which problems attracts? There are many copyrighted magazines on the site, PC Magazine, The New Yorker, Cosmopolitan, to name just a few, and I think it's illegal to share those, to reproduce them actually.
We all know that the big money for many magazines is in advertising and Mygazines is helping them to reach a bigger audience; however, I wonder what will publishers like Marvel, who offer their Digital Comics service, do if a few issues of Ultimate X-Men appear on Mygazines.
What about Zinio?

Is Mygazines part of the next revolution in digital content or just a new idea about to fail?

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The difference with dentist
The difference with dentist offices is that people are not reproducing the magazines when sharing. Mygazines is testing waters and will bail out eventually. Publishers will not accept this format of sharing as they and their advertisers are not being given online metrics of the digital issue, something which Zinio offers now.
Mygazines said it wants to work with publishers
And who knows, maybe the publishing industry takes note of what's happening with Hollywood studios and video sites and decides to jump of the digital wagon.
Alexis Bellido
There's also
There's also www.digi-zines.com