It’s a tough time to be in the magazine business. Time magazine is in the midst of a big turnaround, including a redesigned Time.com. This is a centerpiece of their strategy and they relaunched the site today. This site is designed to be a strong standalone media property rather than its predecessor which was designed to sell subscriptions.

They have done a good job of web 2.0’ing the site. There are well-designed blogs by top correspondents, the content is easily shareable and blogable. Photography is beautifully displayed and there are tons of multimedia slideshows. They have done a great job of preserving Time’s uniquely accessible editorial point-of-view. There is a great diversity of content and editorial types right off the home page.

The only downers are that it would be nice if there were a bit of video and they stop short of incorporating comments in the main articles.