I've traditionally bought Rail and Modern railways, been reading them for about 30 years.
Recently I've pretty much stopped reading Modern railways, it's been increasingly stuck in the late 1980s for for too long, promoting the virtues of BR.
The magazine pretends to reflect 'modern railways' but has only every run a couple of articles on HS2 (an absolute joke considering it will be the biggest rail project of our lifetimes) is highly critical of the Digital Railway and more. Run by a ex-BR uncle figures - great for some wise advice but hardly finger on the pulse stuff. Hip and modern it is not.
The railway industry comes across at times as stuck in the 1970s (Motorola 6800 SSI chips and Mk3s being the latest thing) run by politicians and railwaymen for politicians and railwaymen. Any young professional worth his salt is likely to end up eying an alternative career in the automotive, IT and aviation sectors. Elon Musk was quoted as the rail industry seems intent supplying overpriced 1970s equipment, he must have read a copy!
The online rail engineer and RTM are better deals.
http://www.railengineer.uk/
http://www.railtechnologymagazine.com/
Rail is quite political, which I really don't mind, as there is a balance of view from Nigel Harris and Christian Wolmar. The issue I have with it right now is there are two many regurgitated press releases/reports which can be read elsewhere.
All the magazines (model, steam, modern) have failed to reflect the new digital age of online forums, social media, railcam, blogs, open train times, photo groups, real time trains, digital simulation, that has brought in lots of new younger people to the subject.
I'm interested more in steam, models, foreign railways these days so have cut back massively anyway.