This recently founded journal (January 2006), focuses on the relationship between digital video games and aspects of our rapidly changing culture. Edited by Douglas Thomas, the journal has great potential to gather together work done by some of the leading authors in the field.
The initial issue (table of contents) featured articles by Jim Gee, Ian Bogost, Constance Steinkuehler, and Yasmin Kafai. There is even an article for beginners in the gaming world!
After the pent-up flood was released, however, the river seems to be drying up. Game studies are still hot, but articles seem to be finding their way into more established peer-reviewed journals or are just not being written quickly enough to fill a long table of contents.
Potentially, this journal may also be developing a more rigorous selection process, but I doubt that is the sole reason for the decline in number of articles per issue. I do not even recognize any of the authors in the most release. These are probably acceptable scholars on the subject, but they are not the pillars of the game studies club.
So, this is a journal to keep an eye on. The occasional gem might fit into a literature review or even form the spring board to your own research. But it does not look like an essential item for an individual's library - or even the school's library. More likely, it is worth bookmarking for selection of individual articles and to use as a place for submission of your own articles.