Not really. There is SO MUCH information on the web, and so much of it updated and interactive (especially if you're working films rather than TV) that it makes the expense of magazines seem kind of pointless.
There's a lot of great resources on the web, but there's a lot of crap as well. People with minimal knowledge of the craft and no industry experience are just as likely to put up blog or screenwriting site as people with tons of experience like [Redacted--JDM]
SITE REMOVED BY REQUEST OF OTHER SITE'S WEBMASTER
Even on boards like this or donedeal you come across people who are absolutely convinced that they know what they are talking about and are totally wrong on the substance of what they say. That's how I wound up posting on this site to begin with, to correct the incorrect information I came across.
If you're looking to learn on the web my advice is consider the source. Stick to sites and blogs that identify who is behind them and what their resumes are.
Also just because there's good free information on the web doesn't mean that someone serious about pursuing a screenwriting career shouldn't consider laying out money to buy some magazines or books or attend a seminar. I have a shelf full of books on all different aspects of writing. I have a degree in film and years of professional development and screenwriting experience, and yet I still will take the occasional seminar and pick up another book here and there.