I've subscribed to TS&MF since issue 2 (I missed issue 1 and have been after it ever since). I find it worthwhile, because I like to have hard copy of some things. I concede, though, that it's nearly impossible today to get brand-new content from a magazine, given the availability of info on the Internet.
As far as books go, where to begin? It all depends on what you collect and what you're interested in. When I look at my library, it includes:
Richard O'Brien's "Collecting Toy Soldiers", all 4 editions
John Garratt's "World Encyclopedia of Model Soldiers" (very useful for info on classic makers and makers up to around 1980)
Garratt's "Model Soldiers-A Collector's Guide" and "Collecting Model Soldiers" (also useful for classic makers)
Bertel Brunn's "Toy Soldiers-Identification and Price Guide" (useful for the early "modern" period, late 80s-early 90s)
Joe Wallis' "Regiments of All Nations" and "Armies of the World", (classic Britains)
Opie's "The Great Book of Britains" (classic Britains)
Norman Joplin's "Britains New Toy Soldiers" (for new Britains production)
Kurtz/Ehrlich's "The Art of the Toy Soldier"
Dr. Hans Henning Roer's "Old German Toy Soldiers" (good general book on German toy soldiers from the 1880s to the end of WWII)
Peter Greenhill, "Heraldic Miniature Knights"
Jackson, "Toy Soldiers" (featuring the old Forbes collection, of which Jackson was curator. Overview of the history of toy soldiers)
I've also got some older and new books on producing finished figures, from sculpting to painting. Some are compilations of info that was printed in magazines like "Military Modeler", others were put out by various makers and collectors in the 50s and 60s.
So, it all depends on what you're looking for. I also subscribe to Old Toy Soldier and Toy Soldier Collector, again, because I like to have the hard copy in addition to getting info online.
Hope that helps, prosit!
Brad