The key does give you an in-game mount, but it also gets you into Beta...eventually. My understanding is that different groups will get into the Beta at different times and I don't believe they have announced yet what weekend will be open for those with the PC Gamer keys.
You should purchase PC gamer. As there is an entire thread on getting the magazine for free, I am under the assumption you are trying to illicitly circumvent the required system.
When I entered for my code on the pc gamer site, it required the answer to be in all LOWER case, which I and others had to discover through trial and error
"All (digital, newsstand, and subscriber) copies of the issue include a key to randomly receive one of two exclusive Neverwinter horse mounts. Check page 98 for redemption instructions"
EDIT: Mayhaps I'm wrong as it appears on the Neverwinter forums they did say it gives beta access - My apologies!
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DARWINNING - put in darwinning
When I entered for my code on the pc gamer site, it required the answer to be in all LOWER case, which I and others had to discover through trial and error
MMORPG got it wrong. I read through and didn't see anything about getting into Beta. It list an in game item only with a chance at beta.
http://www.pcgamer.com/2012/12/20/pc-gamer-neverwinter-issue-item-february-236-edition/
"All (digital, newsstand, and subscriber) copies of the issue include a key to randomly receive one of two exclusive Neverwinter horse mounts. Check page 98 for redemption instructions"
EDIT: Mayhaps I'm wrong as it appears on the Neverwinter forums they did say it gives beta access - My apologies!