Aesthetically the logo is clean and nice. But it isn't memorable or unique to mag4musicians beyond the text. I would recommend that there be some connection between the graphics and the spirit of the magazine itself.
When I make a logo I make sure that it can be reproduced/translated in different mediums and sizes with consistency, which means vector format and some spot colors. Not to say that yours isn't simply a fancy version of a simpler foundation if you get rid of the glass and 3d tilt, but that could be presented simultaneously. I think the saying goes that if it looks good as a postage stamp, it will look good as a billboard.
See
http://www.typophile.com/files/mother_6728.jpg for a logotype that incorporates the spirit of the magazine. Other academic references include the FedEx logo for its clever whitespace arrow between E and x.