As one of first 20 subscribers (received a written note about it with 1st issue), I'd have to say: So far, so good ! I took a subscription mainly for B5 and the upcoming Lone Wolf. They also have great writers such as Shannon Kalvar and Johnny Nexus, the former covering the serious side of RPGs while the latter covers the funny side of it.
The B5 adventure in the 1st issue is well done and worth the money IMO.
The action takes place on the station itself and it is primarily an investigation. It could serve as a nice first adventure, but I suggest you get
"The Fiery Trial" instead and insert the S&P adventure somewhere in between scenarios.
Also of note are the two centauri prestige classes featured in the January issue. The same author, Lizard, also provided interesting articles (in earlier issues) on how to successfully include serie's main characters in your campaing without affecting the main storyline. So far, he did Ivanova, Garibaldi, Londo Mollari and Mr. Morden.
One final note: the February issue doesn't include anything on the B5 front. I hope this will not become a trend...