I'm just going to toss out some thoughts on this.
Having the entire collection of Zymurgy available electronically would be fantastic! It would all be searchable, indexable, and could all be crossreferenced. Want a list of all the articles on Belgian Beer? Just a simple search would do that. How about wanting a list of everything on water chemistry? I wouldn't want to read a fixed index of everything to go thru and pick out articles on water, but a simple search would do that, too. Keep it all online in a members-only area, but also give the option of receiving a printed copy.
The benefit of the online area would be access to issues from past years when you were not a member, which would be offset by the lower cost of not printing and mailing a hardcopy to them. You could even separate them into years, and only give access to members who were members during that year. More setup, more maintenance, but once access for a year is set up it doesn't change. Maybe even sell access to years to folks who weren't members during that year. There's a possibility for more revenue generation.
But I am not a member of the AHA just to get a magazine, or to get discounts on NHComp entries, or discounts on NHConf registration, or pub discounts, or to receive techtalk, or any of the other tangible benefits.
I am a member of the AHA because they are the prime advocate for the hobby that I love and an organization that I believe in. It isn't what I personally gain from membership ... it is that the organization exists to look out for my right to brew my own beer. That in itself is enough reason to be a member. But I know that most people need some tangible benefit in order to belong to an organization. They don't exist to make money for any individual or corporation ... they exist to ensure the survival of the hobby. And it takes money to do that.