Yes, it's happening.
The broad vision is to archive all the stories in one site and also provide a point for both AFOLs and public to be able to see the best of the community.
The site will have the articles, news that happens between issues, and reviews and things that won't fit in the magazine. There's also going to be video and hopefully multimedia.
There will be a public side and a subscriber side - this will be for the site, not the magazine. Those subscribing will have access to the archives and exclusive archived material.
And there's some other perks with subscriptions..