Very pretty - but
It's practically unusable.
Navigating around the magazine is a horror as its sometimes completely impossible to work out if an article has more than one page - when you flick up to bring up the next page, or if it is one of their quirky pieces that just suddenly stops - in which case flicking up does nothing and you have to flick left. Wired's pages are so busy that there are graphical doohickies that might be clues as to where the next page might be found, or they might just be the flourishes of someone buggering around with InDesign - certainly they're not consistent.
There's no bookmarking of interesting stuff so you can refer to it later and no search - pretty basic stuff for a reader application. It's like they put all their effort into jazzing up adverts for crappy American cars rather than what the reader might want.
As a demo of what's possible it is a blinder; as something actually useful - well that 500Mb install per issue is the least of its problems.