So, as an example. I am on the.coolest.zone which is where my account is registered. I have a magazine on it called fediverse@kbin.social, which is where I am viewing this thread. In fact, you will be able to view it here: https://the.coolest.zone/m/fediverse@kbin.social
I have only three actual magazines on my own instance - random (this is necessary for all kbin instances to collect uncategorized posts), BestOfBlind, and Android (which was my attempt to create a magazine that collects threads based on hashtag, but it's not working right). Everything else is a magazine which is actually a federated version of either a kbin magazine from another kbin community or a Lemmy community from a Lemmy instance.
The couple of things that seem to be missing or broken right now:
As stated, trying to get a magazine going based on hashtag does not seem to be working.
There's no way to collect up multiple communities into one, so I have separate magazines for android (kbin.social) and android (lemmy.world). That's a little annoying!
As far as I can tell, you can't delete a magazine yet. If I federate a magazine / community and decide I actually don't want it on my instance anymore (or I created m/android to test the hashtag and found it doesn't work right), tough luck it seems - I'm stuck with it.
Hosting costs - Of my 80GB VPS, I appear to have used about 60GB so far just in federating other content to me. This is going to become a problem within this week! I don't know what to do about that or whether there's a way to prune old content or what! (I don't want to re-host everyone's memes, as dank as they are!)
kbin and Lemmy are both very new applications, so these will likely shake themselves out over time, but it's a bit of a rough experience right now. 😅