Though I had read the online version of the magazine, still I preferred to get the printed copy of the magazine, as it was the first issue.
I got it on Friday from the gracious Saqib bhai. The print and paper quality is impressive, but the magazine content does need improvement as Jag and Libra are already aware. Here are my comments on the content:
The Short News section is good, though most of the news items have already been reported in the press. Still this is a good section. The goal should be to get some insider news about the industry.
All about Rolls Royce was an interesting read. A write-up on major brands of cars can be included in each issue. The pictures of Royces with Badshahi Masjid, and the one highly decorated one (perhaps for some Maharaja) were great, but captions should have been added.
On the price list page, it is mentioned that the list is updated as at July 16, 2006. However, many out of production models are also given and prices are outdated. When the magazine is coming out in the mid of August, why should a month-old price list be included?
The Vitz Test Report was the best and original piece in the mag. The current approximate market values of different models should also have been included.
MK's 350Z: It was nice reading about the car, but why would one like to read the interview of the owner and about his favorite TV programs and his views on the future of Pakistani auto industry, just because he owns the Nismo-tuned 350Z? It was least-interesting.
There was nothing new in the article on REVO, still I do not disagree with the decision to include it in the first issue.
What is the age group of the target readers for the Crossword? Please don't expect me to fill it. 
Spelling mistakes should be avoided. There should have been more text content and less (or smaller) pictures. It doesn't make much sense to have classified ads in a monthly mag. For future issues, I would like to see:
Interviews of automotive industry executives. Their plans about the future.
Insider industry news about upcoming models, companies etc.
Detailed car reviews and tests.
Comparison of various cars in the same categories.
In the end, my congratulations to Jag and Libra for starting this magazine. I believe it will keep getting better with time. God speed!