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It sounds like it will be a new Nintendo Power. To old fans it may never replace Nintendo Power, but it sounds like it will keep Nintendo Power subscribers happy and help supply information to Nintendo fans.
Also it appears that it will be online as well as in print.
Edit: It looks like a yearly subscription will cost $20 in print and $10 for a digital version of the magazine (online & on tablets), and $25 for both.
Hopefully this will end Nintendo's recent embargo on info about new games.