Yes, it's already available. It's called the Web.
Magazines and newspaper can already publish to the Web to reach a much wider audience than some hacked together PDF format ever could.
Plus the Web eliminates this "periodical" thing. News is available as soon as it happens, not a month later.
I agree with you for up-to-the-minute news, but you are wrong where it concerns quality and in-depth articles. I have yet to find immersive and detailed pieces as I read monthly in Esquire. Pieces like that cost a lot of money and are financed by the advertising in those magazines. You might argue that most news sites are also financed by advertising, but then tell me, why don't we see such material on the web? GIve me one example of a free site that offers the same depth and broadness of articles as one of the large periodicals does?
Granted we see very detailed articles about electronics and some blogs that are quite good, but they are all one-topic specialized sites. Good newspapers also have more broad and in-depth articles than they post on the net. These are most if not all 250-500 word affairs, whereas magazines still thrive and exist on articles that are several thousand words long.
So what I envision (or would like to see) is the following: a basically digitized version of a magazine with interactive content such as the Wired demo we saw a while back. I expect there to be advertising the same as in usual magazines but moving (in stead of a static image, we would see the TV commercial e.g. I expect to see not a picture of Charlize Theron for the J'adore perfume, but the commercial with her walking around undressing..). As with the concept by Bonnier you could of course just scroll past it. I expect an issue to be delivered over wifi (or 3G but personally I can do without it) automatically, just like newspapers are at your doorstep.
Issues would be searchable (iGuide?) even through backissues you don't own. I could imagine there be in-issue buying functions to buy single articles you don't yet own, or back issues. Links to the websites of the advertisements/commercials etc.
All of these things would be easily technically feasible and are already implemented in Apple products specifically the iPhone (spotlight for iPhone, in-app purchasing, automated delivery).
Would this all be possible on the net? Sure, but tell me how would the magazines earn enough money through that medium in a time and age where people disregard google ads, have ad blockers and click away after a few words? Now, if you sell a person a complete issue with all the advertisements in it, it is in one second completely paid for and nobody gives a **** whether you look at the advertisment/commercial, because you already paid for the thing..
So, what would set this apart is the quality of the articles. Quality, and quality costs money. Last but not least: people are willling to pay for quality. Why do you think all of us have expensive Apple products at home after all?