Though these are mostly available online, I still like to read the dead-tree edition of magazines if I have them. A few bike oriented magazines I like that might make a good gift for the cyclist in your life:
Momentum, "The Magazine For Self Propelled People," covers practical mobility and completely ignores racing, fitness, and pro cycling. Publisher Amy Walker and her team of editors have a real passion for what they do, and right now they have a special holiday offer: Buy 1-5 subscriptions and receive $5 off (per subscription), or get $10 off (per subscription) when you buy six or more. That's half price!
At the opposite end of the bike spectrum is VeloNews, "The Journal of Competitive Cycling." It's all about racing, fitness and pro cycling. I like the writing and coverage there.
Fans of women cycling will love Women's Cycling Magazine, whose motto is "It's About Time!"
You might be able to pick up free copies of Urban Velo Magazine at your local bike or skate shop, or you can subscribe and have it delivered straight to your door. Brad and Jeff cover urban bike culture in Urban Velo, and they always also have handy mechanical bike tips at the bag of their 'zine.
There are several other cycling magazines out there, but those are the ones on my short list. What would you recommend for your friends?