I saw the news over on Boardgame Geek.
I'm actually surprised it lasted this long. I do think that the appearance and growth of sites such as Boardgame Geek, Consimworld and Web Grognards have made a review magazine coming out every two months or so obsolete.
I remember a time when I followed F&M quite closely and I even contributed some review articles. It was a needed independent voice during an era otherwise dominated by house organs or magazines tied to publishers such as The Avalon Hill General, Strategy & Tactics and The Wargamer. But it's time has definitely passed. It's too bad, but no surprise at all.