If you haven't read about it just yet, UGO entertainment has just recently acquired 1UP and all of its sites and has already begun making changes under their new control. Basically long-time running magazine, EGM was cancelled and there were many layoffs of employees previously associated with the 1UP site.
CapKraig over at the Capcom Blog made a real good post about this yesterday dealing with his time at EGM. Previous Editor-in-Chief James "Milkman" Mielke recently posted up on his blog what will be the final issue cover of EGM and this issue will be released on the 1UP site within time.
I can't say much about the 1UP site since I never have used it much, but EGM was always my favorite pic of the magazines that are out on the newstands at the moment. I enjoyed the editor personality quite a bit but one of my favorite features was the way that EGM handled reviews - usually each big game has three reviewers that would give their opinions and overall score. To me, it's very beneficial to the reader to get an opinion from multiple reviewers for some games since the opinion of one individual doesn't always leave me in a state of satisfaction, but to hear from multiple reviewers, you get more of a sense of content in the overall thought of the gaming magazine.
I've been reading them ever since they first started about 20 years ago and even enjoyed the side magazine associated with them, EGM2 which later became Gamenow. I still have tons of old copies of these magazines lying around my room right now. It's hard to see a such a famous magazine suddenly get cancelled like this without even the ability to have a final printed issue dedicated to saying "goodbye".
So long EGM, you will be missed, and I'm sure your absence will hit me even more when I clean my room even more closely later in this year (as I said earlier, I have a lot of old EGM issues around here).
thanks to Mirax for the first two links