Obsidian Magazine
http://www.obsidianmagazine.com/
"The Journal of Occult Folklore and Mystery Traditions", an infrequently published but excellent magazine, and a beautifully designed site, with a lot of really good, intelligent, in-depth content. The site has also added some new features now, such as forums for submitting dreams and stories.
The Pomegranate
http://chass.colostate-pueblo.edu/natrel/pom/
"The Journal of Pagan Studies" - a refereed academic journal dealing with paganism, ancient and modern. Info on subscribing and submitting articles to the print version of The Pomegranate, plus an archive containing a selection of articles from past issues, all of them much more in-depth and scholarly than the vast majority of pagan writing. A really valuable resource.
Traditions Magazine
http://www.traditionsmagazine.com
A very interesting quasi-academic journal focussing on folklore and cultural traditions from a pagan-influenced perspective. The site says it's published quarterly, but the archives section lists only one back issue, and that from over a year ago. Still, even if it appears to have succumbed to the common small-press tendency for quarterlies to become annuals, the content looks very interesting. A few sample articles and book reviews are available on the site.
White Dragon
http://www.whitedragon.org.uk/
A wonderful pagan magazine from the UK - down-to-earth, informative, humourous, and frequently vitriolic (e.g. the introduction to the recommended reading list, which notes that many pagan books are "shallow as the proverbial puddle of piss and a reader would need the intellectual capacity of a brain-damaged woodlouse to actually benefit from them"). They have a rare ability to skewer serious issues with dry humour in a way that makes you laugh and think at the same time.