A group of well-known sf/fantasy professionals headed by Lawrence Watt-Evans and William Sanders have just launched a new venture called Helix. It looks to be funded on a donation model similar to that pioneered by Strange Horizons. Note that they apparently solicit their fiction; this is a place to read stories, not send them.
The most interesting thing about this to most UnCommonwealth readers, probably, is that the first issue contains a new story by Rick Bowes. (Mama, it also contains a story by Janis Ian.)
The editorials are worth a read (that links to one by Sanders, scroll down for another by Watt-Evans). Everybody loves subtext.