This article in The Guardian covers the new wave of internet magazines versus the decline of "traditional" publishing venues in the literary industry. So while print magazines wane, and the possibilities of published novels and book tours diminish, hope remains that some of us might have our stories featured on websites.
While I love love love the accessibility, range and price (free!) of reading online mags, I still love reading books and print magazines too. Made out of paper. That I can hold in my hands. But like it or not, this is the future: the rise of shorter pieces. It will be interesting to see how, in years to come, the electronic mags fit into the established world of renowned print magazines, their prizes, their anthologies and audiences.