It's not a bad rag but it's not GRM caliber either. My biggest nit-pick with it is that it seems that they (like many other mags) tend to use parts that they may get for free and it becomes a big love fest for those manufacturers.
Example being the Miata issue. They used over $7k to do the engine, exhaust, wheels and the evar needed Wings-West body kit. The car gained 8hp. The best part was that it was being built for a super-lap battle. I can't think of one person who would spend that kind of money on a Miata without at least one piece from FM, especially when it came down to the suspension bits.
I will give them props for the install break downs as it reads like a Haynes manual with better pictures, even down to wrench sizes.