As an analogy, as part of my work, I interview and hire engineers. I have never received a bad recommendation about a candidate from their college professors. The trick is to ask the right questions and read between the lines. Those of us who take the Stereophile ratings too seriously, or view them as the "ultimate status symbol" regarding our equipment are most at risk of being misled. Fortunately, there are many other avenues available to us when researching equipment, such as these forums, tracking the used market and which pieces hold their value, and ultimately, our own ears.
Stereophile, IMO, is an entertaining read which introduces me to ideas and equipment I would never have the opportunity or time to explore. I believe the reviews offer quite a bit of information about a piece, when the whole review is read. Their reviewers generally offer honest opinions of the positives and negitives of specific equipment, and their presentation of measurements can also provide an insight into the sound offered by a given piece. However, I agree with those who would like to see more direct comparisons between similarly priced equipment, and also with those who suspect (in some cases) the ultimate Class A,B,C ratings may be skewed toward the reviewer's bias, or (please don't say it!) the amount of advertising purchased. In the end, the magazine is what it is, and it actually does rely on advertising to stay afloat. I subscribe to Stereophile (and also to TAS), and I still enjoy reading about the music and equipment. As long as I am interested in this as a hobby, I will be supportive of all avenues for information, and at the end of the day I will rely as much on my interpretation of the information presented, as on the information itself. - Tim