Aparently the issue’s been addressed and fixed on its latest update.
author has uploaded a new release which can be found here:
http://ww.wp.xz.cn/extend/themes/download/magazine-basic.2.4.9.zip
I’ll install it now and see if it works
I’ve found out that the issue occurs only in blogs running WordPress 2.8,
I tried to manage a little workaround by tricking the url
adding &saved=true at the end of the url and hitting enter, which does display a “Changes saved” message but the theme is definitely not picking up the changes. If anybody knows how to fix this or where are the settings stored in this theme so that they can be edited manually instead of changing the arrays of functions.php