I (or rather my wife does) regret that I've got every single Modern Railways from its start in 1962 (and indeed its TI predecessor); probably by no means unique among those here. As you might expect over such a long interval, it has gone up and down over the years, generally depending on the editor of the time. Currently they seem to have dropped from a previous high, a key issue being too much emphasis on putting material in which is obviously just direct from a PR "puff" put out on behalf of some organisation by a marketing agency. You can spot these straight away, on the basis that no railway journalist would ever write in such a manner!
They have also moved their target market from general rail interest at the "knowledgeable" observer end, to very firmly being aimed at industry staff. Of course, you can see why they do this, in no small part due to the additional professional/trade advertising such an approach attracts. They have some good commentators on the current scene (Walmsley is the most tuned-in to my way of looking at things). However, there has been a loss of the informed general article about certain areas, rolling stock, etc, which used to contain much interesting information.
I do wish they would put out all the past issues on a DVD, which I think they could get good money for, whereupon I could get rid of all those print copies!
I've always found Rail a bit too juvenile in its style, I believe they struggle to get enough material for their more frequent publication, while the good old Railway Magazine tries to do everything and ends up falling between two stools. In an ideal world there would be a monthly magazine that incorporated the best bits of all of them and put together a single composite publication. I think that printed mags now have a limited forward life, physical printing and distribution actually absorbs most of their costs, and they need to come up with an effective format for the on-line world, without letting go of the good aspects.