Rich,
Everybody's got their perspective!
The IP variations can be eliminated by just writing a subscriber cookie and using it instead. No cookie, no download -- just a redirecton to the "my account" page. Cookies aren't transportable, and they can contain any information needed to assure the publisher that only a legit subscriber is downloading.
E-zines don't have near the appeal of print mags... yet. But I think that's largely because the medium is so new and undeveloped. The appeal of "click through" revenue from advertisers, "live" ads, almost no distribution or final production costs, and other economic benefits are going to result in them becoming ubiquitous just as CDs killed off "Legal Reporter" books only to be killed off themselves by the Internet.
Success isn't so much being lucky as knowing where to stand....