An interesting approach to publishing a magazine:
Crowded has a few unusual features. Like most speculative fiction magazines we have open submissions, unlike most speculative fiction magazines we also have an open(ish) rating system. If you subscribe or submit a story of at least 500 words you can access the system, rate stories and make (helpful) comments. We use the ‘wisdom of the crowd’ to help us sort the best from the rest, and then we publish the best.
They publish every 3 months, take up to 20,000 words of speculative fiction, and pay $0.05 Australian dollars per word.
Guidelines here: http://www.crowdedmagazine.com/guidelines.php