Hate it for the folks who lost their jobs, but from a content standpoint it's no big loss. Wizard lost its fastball a long time ago. If I had to pinpoint it, I'd say it was sometime around 2003 or 2004 when they transitioned from a magazine that wasn't afraid to poke fun at the truly lame ideas in comics to a shameless promoter of the industry. Fun quick-hit features like the Mort of the Month gave way to yet another slobbering profile of Joe Quesada.
I think it was part of their stated goal of becoming "an Entertainment Weekly for the comic book industry," but it should have turned off anyone with half a brain.
I suppose this means the end of ToyFare, too, which is a bit sadder if only for the loss of "Twisted ToyFare Theatre," which was always entertaining. At least the spirit of that lives on with Robot Chicken.