I gave it a shot and bought on impulse. My mates were confused as to why I wouldn't just go for FHM like the rest of them, but the answer to that was simple: if you want porn, man up and go buy some. If you want to READ a magazine, buy one with some actual journalism in. Y'know, without the distraction of tits. Time and a place, man.
Subject magazine was well-rounded with articles on travel and fashion, but also on upcoming TV shows, comedians and films. Comedian Dave Gorman starting out on his stand-up career and a trip to Ireland for St Patrick's Day find their way into the pages. Did you know Leeroy Thornhill from The Prodigy went solo as Flightcrank? Me neither, although Subject's 2-page spread suggests. It was similar to most other lads' mags, if you'd filtered out the sex. The publication appeared not to have lasted long.
Because the magazine had such an everyday word as a name- as opposed to an unusual acronym like FHM- it's very difficult to find any evidence of it online. I've only seen this and this. It looks like I've got hold of something quite rare.
It's possible that the publishers: Stable Publications- are now Stable Media, focusing more on trade publications for the building industry.