Back in May, a site called Mygazines was launched, offering a peer-to-peer model for readers to share their magazine subs with each other. The basic idea: subscribers could upload digitized versions of their magazines for others to peruse. No shock: The magazine publishers were in no mood to see their content Napsterized, and of course they sued. Well, that lawsuit has now been settled, and it seems that for all intents and purposes the Mygazines model is dead. Folio reports that the Anguilla-based site has agreed to monitor and remove all copyrighted content. The complaining publishers were basically a who’s who of the magazine world, including Time Inc., Hearst, Hachette, McGraw-Hill (NYSE: MHP), American Media Inc., Reed Business Information, Bonnier, Ziff Davis and Forbes — everyone, basically. So without all this copyrighted content, it’s pretty hard to see what the site could still offer.