Since they publish a couple new articles every weekday, you'll get an order of magnitude more basketball content at Officiating.com than you'll get in a year's subscription to Referee magazine. And it's good content, ranging in target audience from newbie up through early college. And as Juulie mentioned, all of their past content is available in their archive. You can even pose questions back to the authors.
What you won't get at officiating.com is current news, any kind of discernible editorial calendar, the warm and fuzzy feeling that they're hooked up with the NFHS, and most especially the insurance you would get by joining NASO (which includes a subscription to Referee Magazine).
But...at the end of the day, neither costs more than game fee or two. So why choose? Do both.
PS. If you're really torn, maybe this will help you decide: Juulie badly needs a raise, and your subscription to officiating.com may help!