While I won't deny the absolute brilliance of the ad, I will question the market placement.
Those magazines are shriveling up for a variety of reasons. The market is shifting on its own, and most everyone that reads New Yorker or Time are completely familiar with the iPads and their capabilities. On the magazine side, their greatest advertising is their physical copy which litters coffee tables, waiting rooms, news stands, etc. Once the shift to digital is complete, they will vanish within years due to their ability to provide last week's propaganda and talking points rather than current content. Unless they catch the eye of on-liners, which they won't, they will be catering to a dying audience. Literally.