Over at www.mbites.com there's an articleon why Cre@te Online had to close. I don't know much about the vagaries of the publishing world, and obviously the dotcom downtown couldn't have been great, but the biggest problem with Cre@te (sic. ugh) was that it was devoted to a flashtastic idea of web design that has been steadily proven to be garbage since 1995. I was featured once in a round table on digital TV. That was OK, I generally like doing these things. But the attitude of the magazine was summed up by the fact that we had to have this discussion in a professional photography studio being professional photographed by a guy who kept telling us to shift position to get the right angle.
All style over content. It was the only issue I ever read, but another article was a supposedly serious piece on whether usability was important or not. In 2002.
A magazine that plain wrong just had to close.
And as for "Where are [web] creatives going to showcase their work now?"
Hmmm... on the web perhaps?