My hunch is that print is still empowered because its content reigns supreme. I contend that if content were much better on most of our web sites, we would even change our reading patterns. Take the web sites for the Los Angeles Times and The Washington Post . Both simply regurgitate their print offerings. For the most part, if you've read the newspaper already, there's very little need to tour the site.
People magazine takes a bit of a different approach.
There are daily updates on the site, which I assume are separate from the weekly magazine content. It's not much to speak of, but it's headed in the right direction. For example, if you want the latest from Darwin magazine, you have to go to the hard copy because the web site offers mostly electronic versions of what's published in print. The Industry Standard does take advantage of the Internet's immediacy over print's longer lead times. There are a few exceptions.