I stopped buying the magazine last year. (I was buying three or four issues a year.)
Regardless of what I think of the quality/depth of reviews, the fact is that most of them are published here on the website within days (and sometimes before the magazine reaches the shops). That reduces the magazine's value.
I have not wanted to upgrade any kit for a couple of years either. This diminishes my interest a bit.
The price is more than it costs to buy a 25 - 40 year-old HFN & RR (including postage) from ebay. These were far better written (by people who put their names to their articles), provided lots of testing data and are fascinating from a historical perspective.
On the whole, the old HFNs are just more absorbing. (The old WHF? issues I bought from the same era are equally absorbing albeit when taken with a spade full of salt!)
A recent WHF?S&V will have far superior photography than any magazine from a generation ago, but it won't provide me with more than about 10 minutes reading.
I don't blame WHF? They are just presenting the magazine in a way that people find more digestable nowadays (and one that doesn't require much time, or the investment of any effort, to consume).
I guess it's also important that there is not too much text to tax the eyes when reading the electronic versions on a smart phone or tablet. Short, zippy, flicky, swipey, punchy text and photos that don't take longer than a Tube journey or coffee break to read.