Not working for me either. I updated a local copy of my website before the online version and it doesn’t work, I get a blank white screen. Tried deactivating all plugins to no avail. Based on the error messages I get using wp-debug (on my local MAMP copy), it looks like there might be some coding issues:
Undefined index: width in /Applications/MAMP/htdocs/sites/wp-content/themes/magazine-basic/library/theme-options.php on line 39
Undefined index: header_alignment in /Applications/MAMP/htdocs/sites/wp-content/themes/magazine-basic/library/theme-options.php on line 39
[unreadable part] with an argument that is deprecated since version 2.0! Usage of user levels by plugins and themes is deprecated. Use roles and capabilities instead. in /Applications/MAMP/htdocs/sites/wp-includes/functions.php on line 3508
I like this theme but won’t be updating to 3.05 until the bugs get fixed.