Yes, it's worth it. I've subscribed to TS&MF since it premiered, except for last year. I let my subscription lapse and dawdled on renewing, so now I have to track down issues 172 through 177. I also subscribe to Toy Soldier Collector, I have since that one started, too, and to the venerable Old Toy Soldier, now published by Ray Haradin. I used to get Bill Grey's Toy Soldier Review, till it ceased publication. TSR and OTS were the premier magazines for the hobby, before the advent of the Web.
True, with the Internet and all the content you can see free online, hardcopy may seem obsolete. For newspapers, I agree. But for hobby mags, I still like to have something that I can hold in my hand and read at anytime, free of electronic media. And there is some content that is still available only in the hard copy and nowhere else.
I also have small collections of magazines that were published for many years, before I was a collector and was aware of them, Campaigns, for example, and Military Modeling. I never subscribed to either, but I started buying old copies at shows, because of the articles and photographic content. They've been very useful in ID'ing old figures, for example. Not that I'm a Luddite, though--I have the fun run of Campaigns on disc, which saved me from having to track down a couple of missing numbers. I also have the early years of the online mag Internet Modeler on disc. I will probably buy the disc for FineScale Modeler, too, even though I currently subscribe to that one, to get the back issues.
So, it's a personal preference, but I enjoy curling up with the latest issues, when they arrive, and I recommend TS&MF. You also get premiums for subscribing, little tokens, but nice nonetheless. I've got some castings of a Napoleonic Old Guard by our forum brother Martin Tabony, General Wolfe, and Winston Churchill, for re-upping, and this time around, they gave out thumb drives shaped like dog tags. A nice gesture on the part of Ashdown Publishing.
Prost!
Brad