It's honestly one of my favorite projects. Students don't realize the power of a good layout until they apply their own content into one. I have many colleagues who have their kiddos do magazine covers, but students tend to create "simple" covers and this exercise helps train their eyes to look for creative layouts, so hopefully they can then better create their own in the future without need for duplicity.
Here's my example (I try to do one each year along with them):
And here is the magazine layout I used:
My example reflection post (I don't have them turn in printed scoring guides, so this is how they address the requirements)--