Here is a sampling of reactions on the Internet:
"The loss of the magazine comes as a blow to the comics community — in addition to developing such popular comics properties as SpongeBob and Avatar: The Last Airbender, Duffy and Roman hired the cream of the crop of indie cartoonists, from Sam Henderson and Johnny Ryan to Laura Park and Jason Lutes. It was one of the few places where cartoonists of this ilk could get paid decent rates for their work, which makes it all the sadder. In addition, they published stand-alone comics collections and sponsored the first Kids Comics Awards.
While this leaves an obvious gap for kids comics, it leave a gap for comics in magazines in general — once a key way for cartoonists to make money and gain exposure, the implosion of the magazine market has taken this avenue with it."
"In Los Angeles, of course, there is no such thing as childhood anymore (well… maybe for the poors), so it should come as no surprise that Nickelodeon Magazine folded this week: Today’s kids know that life is one big paper chase, which leaves little time to @&*# around with children’s games."
...more quotes to come in a follow up post.