Seconded. Flipboard is directly responsible for me spending ~$20/month less on magazines. There's a local (motorcycle) magazine which I've bought every (2 weekly) issue for ~12 years, which I haven't bought a single copy of since I installed Flipboard. All the "I've got 10 or 15 minutes spare in a cafe lingering over a coffee or two" reading needs are better met by Flipboard (for me) than AMCN Two Wheels and New Scientist and various other magazines I'd occasionally buy to fill in time.
I don't think it's "the future of print media", but I think it's certainly indicative of one direction the future of print media might lie...