2.5
There have been several annuals/journals that boasted this claim - cutting edge fantasy, genre-pushing, etc. Interfictions, Unstuck to name a couple. The thing is, none of these, in my opinion, has actually come out and made good on their claims. The stories inside come across bland, uninspiring, as if authors submitted their trunk stories to these journals and saved the truly exciting stuff for publications like Clarkesworld, Apex. I have yet to read the (retired) annual Polyphony, so hopefully that proves more interesting.
You want cutting-edge? The Best American Fantasy series (also retired) was good, because it combined the best of "genre" and "literary" fantasy and science fiction (published in all sorts of venues) in one place. It seems a similar idea is forthcoming from Houghton Mifflin Harcourt, edited by John Joseph Adams, forthcoming in October 2015, so look out for that. Also read Tin House's Fantastic Women issue for more of the same - authors who don't need some themed publication to push them to write cutting-edge, unique, voice-driven, genre-pushing fantasy and science fiction; authors who write what they want and get it published wherever, whereupon we readers can spread the news about what's best).
That's all.
(The lone "tales of beauty" in this issue were by Catherynne Valente and Jennifer Crow.)