Have not tried it on Nexus 7 yet, hopefully will next week.
Have used it on the Motorola Xoom, though, and it's pretty nice. You can view full color just like the print edition pages with ads and everything, one-up in portrait or two-up side by side in landscape. Better still, you can display just the text in a more e-reader style. Magazine purchase and download is very fast, unlike some other magazine apps.
Presumably it will work pretty much the same on the Nexus 7, although the two-up landscape mode might be kinda small to read. It will likely be a little faster, too. It groans a little on the Xoom in full color/print layout.