Re: IZ HAPPY NOW rateful for your PDF of the first TWC issue, Elf -- but I read only small bits of it before setting it aside.
I just converted it; I haven't read it. I suspect it has two purposes: to give that circle of ~50 an outlet for their form of creativity (I think the circle is bigger than that, or will grow as it becomes known, but agree that it's small), and to announce that media/transformative-works fandom is just as valid an academic topic as cultural studies, LGBT issues, [obscure foreign language] studies, and so on.
I consider both of those fine and worthy goals. Neither is particularly important to me, but I like supporting them from a distance.