WHAT'S WRONG WITH FASHION PHOTOGRAPHY
Karen Lehrman has a well-illustrated analysis on Slate. Aside from a brief mention of fashion ads, she doesn't consider what the magazine market has produced in response to the bad photography in the prestige glossies: red carpet photos of stars in In Style and catalog-style views of the stuff in Lucky. Neither is photographic art, but they're both more pleasing than the typical fare in Vogue.
I agree, btw, that Bazaar had great photography--and graphic design--in the mid-'90s. But it took about 30 seconds to read. Aside from the photos, it had no content. (Thanks to Reason's Jeff Taylor, a veritable clipping service, for the tip.)