Worth noting is In Praise of Seriousness where Bud Parr discusses AO Scott's NY Times article Among the Believers on the American literary magazines The Believer and n+1. John Holbo's response, The Functioning Little Magazines is also worth a read.
n+1 is a rather curious name for a magazine. I'm presuming it has nothing in common with the Italian communist term which "refers to the mathematical induction principle, Peano’s 5th axiom and Poincare’s complete recurrence principle, and describes the dialectic unity of two opposites", but maybe it does!
(Amardeep also has a good post about this.) added 13th September