When Rosie, the magazine, hits the newsstands April 3, it will be the latest and perhaps the most awkward entry into the personality-based magazine sweepstakes. Dazzled by Oprah’s extraordinary success (the first issue of O sold 1.5 million copies), G+J hopes it, too, can transform ardent television viewers into subscribers. A fat magazine, with 138 pages of advertising in its first issue, Rosie is aimed at stay-at-home moms who can maneuver a packed SUV and rustle up dinner for four for less than $25–the same kind of women who watch “The Rosie O’Donnell Show.”

But even before the magazine hit the stands, an identity crisis, of sorts, took hold. While Martha Stewart preaches the gospel of home arts, and Oprah, personal fulfillment, O’Donnell’s franchise–save the star-struck celebrity interview–is less clear. To kick-start what was first dubbed Rosie’s McCall’s, G+J happily folded its 125-year-old money-losing McCall’s and agreed to send its 3.5 million readers the new magazine instead. McCall’s Editor in Chief Sally Koslow was kicked upstairs, Family Circle chief Susan Ungaro was brought in and O’Donnell herself became editorial director of what quickly became simply Rosie. But how will the wisecracking, sometimes grating, polarizingly political and self-described Cheez Whiz addict play with the fusty McCall’s’ readers? “If I’d known how tough this would be, I never would’ve done it,” says O’Donnell. “But I could say that about most things I’ve succeeded at in life.”

With the economy contracting, a successful launch is hardly ensured. Although G+J is largely owned by deep-pocketed media conglomerate Bertelsmann AG, the downturn has severely jarred the magazine industry. For G+J, though, the chance to start a magazine with a TV tie-in was too good to ignore–even though O’Donnell says she’s quitting her show next year. “It’s part of a long-term strategy,” said Brewster, who wouldn’t say how long Rosie had to turn a profit. Indeed, for the past year the company, perceived in the industry as a B-league operation, has been trying to add sizzle to its flagging magazines, which includes Parents, Family Circle and YM. It recently spent a whopping $550 million to acquire business magazines Fast Company and Inc.

New magazines often struggle before settling on a clear identity, but the first issue of Rosie shows that the marriage, though unconventional, may work. The cover shows Rosie with Fran Drescher (“The Nanny”), and an inside story talks about Drescher’s battle with uterine cancer. Many articles are reminiscent of the old McCall’s, including pieces on flower arranging, hot new toys and tips for the frugal cook. But Rosie’s stamp is evident, as well. There is an examination of gun control–an issue dear to O’Donnell’s heart–and a monthly weight-loss feature is about loving yourself and ignoring the scale. And despite Rosie’s paeans to the common woman, the magazine is loaded with celebrities: Madonna reveals her best-loved beauty products; Uma Thurman talks about her favorite charity.

When the magazine was announced in November, Rosie editors set about figuring out what Rosie wanted. “We listened to her ideas and we loved all of them,” says Catherine Cavender, a former McCall’s editor who is now executive editor of Rosie. “Every one.” O’Donnell recalls it differently. “They were appalled by a lot of my suggestions,” says O’Donnell. They balked, O’Donnell says, at running “Rosie’s Calendar,” a spoof of Martha’s monthly planner, which appears in the first issue (“May 30: take down Christmas decorations”). Another joke–which sent up both Overeaters Anonymous and heroin addiction–didn’t make the cut. O’Donnell says look for more, not less, of her pet peeves and trademark humor in coming issues–or “episodes,” as she insists on calling them. This week will begin her much vaunted promotional campaign. Expect to see Rosie, the magazine, as a frequent guest on “The Rosie O’Donnell Show.” But about its long-term success, Rosie tries to be philosophical. “I want to do a new kind of magazine here,” she says. “I think it will either be a big hit or a big bomb.”