I just heard over Twitter that the News Stand section of the Kobo ebookstore is now live. You can choose from 27 magazines and newspapers with prices ranging from $19.99 (NYTimes) to $1.49 (PC Magazine, The Nation). Kobo are also offering a free 2 week trial subscription.
The process doesn't seem to have all the bugs out yet. You're supposed to be able to download to the Kobo Desktop, but I can't.
Fortunately, it's working on my iPod Touch. I got a trial sub to the NYTimes. It's rather nice. The ebook is well organized and easy to navigate. Of course, I wouldn't pay $20 for content I'm now getting for free, but that's another matter.