I was pleasantly surprised at the quality of content in the last print magazine I bought in, oh, October last year.
Anyone with half a clue knows that the best writers typically aren't the guys or gals who play the most games - the real strength is in the art of mashing words together in a creative and articulate way. The Hyper I grew up reading did that well, and the recent examples of Edge, and the local ONM, OXM rags have contained some great examples of quality writing.
For the online guys like IGN, I get the impression that all they really know is video games. Sure, they might have other interests like Firefly or a Marvel comic franchise, but too many of their core hobbies are closely intertwined 'nerd' interests with gaming at their core. Yesterday I watched a semi-professional behind the scenes of the IGN offices. It was crap, and only reiniforced my bias against that cesspool of mediocrity. But what really stood out is that gaming permeates every aspect of their lives - their desks are littered with gaming - and only gaming - paraphernalia, and it's all they talk about on their blogs. At least the Giant Bomb guys voluntarily let a bit of non-gaming chatter leak into their weekly deliberations.
I'm sure the kids at IGN et al. know their games really well - the history; technical aspects; the names behind the product - better than most on GAF, but because they've studied themselves into a corner, their 'cultural myopia' limits the amount of colour they let bleed into their work. I'll take an article written by a guy who only plays a dozen games a year but listens to Mogwai and Explosions in the Sky; is familiar with pre-1980's cinema and has read a book that doesn't have a dragonsword/space hero/cape-wearer on the front, over that of something dribbled out by the guy who sleeps in Yoshi pyjamas and has read all the Halo books.
For whatever reason, either culturally or by experience, I think the people in print have a better appreciation for the editorial process and produce better copy (even if they bitch and moan on my twitterfeed). There is a noticeable canyon in the level of quality between online and print journalism. The print guys also enjoy the liberty of not being tied down by the internet timescale, where if it's already online, it's already stale. As such, they have the freedom of time to really bang out a well-written chunk of text (even if it is borderline advertisement) and they take a more considered approach to their work.
So yes, from the few opportunities I've had to read it, I like print gaming journalism. Too bad the format is no longer amenable to my digital lifestyle.
EDIT: I really like what the guys at Pixelhunt are doing. More power to 'em.