It's pretty inferior. I read through all 85 issues of Next Generation and NextGen in the last couple years, so it's fresh in my mind. The magazine gradually moved away from what made it great, one thing being the high quality paper and binding. However, I still think NextGen is superior to nearly every other video game magazine in terms of writing quality and integrity -- which tells you how highly I regard Next Generation.
EDIT: I guess I should mention that I don't care -- at all -- about any of the home consoles that came out after the 64, so my interest in NextGen's content is low. That being said, read through one of the first few issues of Next Generation, and then read through one of the last few issues of NextGen. I think you'll find a difference other than just the print quality.