Playboy isn't porn. It's tasteful nudes. Pleasant to look at, but I wouldn't jerk off to it. Like nudity in mainstream films. Nice to have, but not smut.
I don't subscribe, but I buy Playboy and Penthouse semi regularly. For the articles. Seriously.
I do subscribe to Hustler (and also the National Enquirer and MAD), because it's like $10 an issue if you don't, it's really massive savings. While I could probably jerk off to Hustler, I mainly read it because it makes me laugh.
MAD I don't like anymore, but I've had a subscription most of my life... old habits die hard, I suppose.
They're actually quite good. This month's had articles on Mike Tyson (which was pretty good), Artie Lange (which describes how he's gonna die like Belushi), an article about like after 9/11, etc. etc.