I think its a great idea!
There are so many topics to write about besides pure photography and each topic we just need a few writers/contributors eg Photoshop tips, video, etc.
I am sure there will be advertisers who are keen to take up full page adverts especially the camera majors besides photography courses, shoots, etc.
The addressable audience should be fairly large as these days, with the advent of digital cameras, a lot of people have cameras and would be interested to improve their photography skills.
Can even export it to Malaysia to enlarge the market should there be interest. And if it takes off well, maybe SPH may want to buy over and the original founders .... $$$$$$$$