Thanks everyone, and yes, I forgot that I had read Alex's post on that. One thing Alex mentions is the readership numbers. With a magazine, it's easy enough to find out the circulation, but how do you figure out the readership of an ezine?
There aren't readership numbers for ezines, unless they chose to distribute them. You know any SFWA-qualified markets have a good readership, as it's part of the joining criteria (I don't know if other associations are the same). Other than that, you have to make your best estimate. A few things to look for:
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Story quality. If the stories are terrible and riddled with errors, it's not worth it.
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Site quality. If the site isn't clean and easy to use, it's not worth it.
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Mentions. Do people talk about the site on forums/blogs/etc?
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Interaction. If they site allows comments, do people comment? No comments doesn't always mean no readers (some big 'zines get few comments, but do get mentions and all the rest). But if you see an active community, it's a good sign.
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Awards. Do they get nominated for awards? Do they get stories in best of year anthologies?
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Pro Authors. Do they have stories by authors with pro sales? If they have prestige, they will do, even if they don't pay very much.
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Age. Being old is generally a good sign, though not a guarantee of readership. Being young is dangerous, as they often fold in a couple of months before they get time to build up.
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Promotion. Do they actively promote the 'zine, try to get decent writers, etc?
If it's a new 'zine and you're taking a chance, focus particularly on promotion, story quality and site quality. Because if they don't have those, they're not going to develop a readership.