I currently subscribe to International Bonsai, Bonsai Focus and the ABS magazine. My favorite is International Bonsai, which for me has the right level of information articles (species by species, etc.) and pictures of trees on exhibit. I've been very happy with this magazine. ABS is like International Bonsai in this regard, just a smaller magazine. For me, it's a bit less informative than IB.
Bonsai Focus to me seems to be less of a "how to" magazine, and more as a venue to showcase Europeans working on collected European conifers. So you get lots of pictures of the work in progress, which generally for me are not very helpful when it comes to close-up pictures of what they are doing (hard to get the context). The quality of the pictures is really good, but generally, this is more a magazine that gives information on artists (vast majority being European), European material (lots of articles are on collected mugos, sabina junipers and olives), and goings on in Europe than a more nuts and bolts of how to do bonsai magazine. Every now and then they surprise you with a good how to article, for example, last month I think they had one on JBP candle cutting, but otherwise, I'm debating whether to continue my subscription.