Literary Magazines anyone?

I'm wondering if there are any colleagues in this community who have launched online literary magazines. What are the merits, challenges, issues you confront in creating these publications. And, do you have any advice for those of us willing to undertake such ventures.

This comes about now because earlier this fall, as a Building Tech. Integration Specialist and fellow English teacher I introduced a colleague to Edublogs as a place for hosting our school's literary magazine, the Northword.

Furthermore, at the time, I pledged to spread the word via networks with which I am affiliated. So, now I'm encouraging everyone to stop on by and give these 7th-9th graders an authentic audience.

Here's the link: http://northword.edublogs.org/

Thanks in advance for your comments and ideas as well as your support of what going on at Hopkins North Junior High.
Schlegs