I just submitted Magazine Basic v2.7 to WordPress.org. Hopefully it will go live shortly. For now, you can download the theme directly from http://themes.bavotasan.com/our-themes/basic-themes/magazine-basic/. Once it is available on WordPress.org, you can use the automated upgrade feature in your wp-admin.
This is the first version of Magazine Basic that no longer uses four different files for the front page layout options. Now everything works through the
loop.php file. Having all the code in one place makes it a lot easier for modification, it also eliminates all the extraneous files and makes the theme a lot more efficient. Another major difference is the location of the Magazine Basic theme options. The page is now located under the Appearance panel in your wp-admin. This is due to a recent requirement by WordPress to now contain all of your theme option pages to the Appearance panel. This makes a lot of sense since all of the other core theme options are located in the same panel.
A new feature that will only be available as soon as WordPress 3.1 comes out is post formats. Now you can set your post to be an image, aside, video, gallery, link or audio and it will be displayed differently according to the format that you set. I will be updating the demo site shortly to show this off.
Please let me know if you encounter any bugs or have any feedback.