The root of the prolbem is that Time wants to sell the subscriptions itself, not through the App Store. That way, time gets all the customer billing information -- which it can then compare to print subscription demographics, and also sell to third party marketers.
But Apple seems to be the one who wants to hold on to both its 30 percent cut of all iPad app sales and on to the customer information of subscribers.
So it may not prove to be the savior of magazine publishers had been praying for. Or if it is, they'll have to deal with Apple taking their huge vig, keeping information they can use to track demographics that publishers would rather have, and, frankly, you can lose approval of an issue for anything from nipples to Tiger Woods jokes.
Jackson West might design a one-off sine for the iPad.