You would be hard pressed to find a magazine, either traditional or on-line, that doesn't have at least one recycled photo.
I agree that I would like to see more content to go with the photos, which are fairly amazing - not surprising considering the people involved. I felt that This Is Fly was better early on, it seems to be trying a little too hard to attempt at being a surfing or skateboarding style magazine. It gives it a feel of trying too hard to be something that this sport really is not.
All in all, I enjoyed the first issue at least at first glance several days ago.