Interesting tidbit in the June 2003 issue of Asimov's, in an article by Sheila Williams about the 2003 Isaac Asimov Award:
During the ten years that we worked together, [Asimov] often mentioned that he had founded Asimov['s] Science Fiction magazine so that talented writers who were just starting out would find the same kind of welcoming home for their stories that he had once found. Nowadays, there are far fewer fiction magazines, and Rick [Wilber] and I both felt that starting an award aimed the works of younger writers would be a way to further Isaac's objective.
I wonder if it's inevitable that as magazines become more established and respected, they'll publish more established writers and fewer beginners. It hasn't really been an issue for SH yet; I haven't done stats lately, but we're still publishing quite a few first pro sales. But I can imagine that as today's fresh new faces become tomorrow's established big name pros, we might be tempted to stick with the authors we know and like (assuming they keep sending us stories). But I hope we'll continue to actively seek out new voices
and new civilizations and publish them.
Btw, the deadline for submissions to this year's Asimov's Award is December 15; if you're an undergrad, check it out. Contact information for Rick Wilber (to obtain the guidelines and rules) is included in the abovementioned article.