I just downloaded my first magazine using this app over AT&T's 3G network on an iPhone 4S which took less than 4 minutes (no wifi). The magazine content is in the exact same format as the print edition.
I noticed there is a review posted here that says you can only flip through one page at a time. That is incorrect. A gentle tap on the screen on any page brings up (sort of) a menu where you can scroll through pages quickly.
Overall this app is very good except for one flaw - the text when zoomed in is slightly blurry. It is by no means unreadable, but is still annoying. I am trusting that the developers of this app would work to fix this issue, pronto!