I don't read anything on a regular basis but I do keep an eye on Wire magazine (and its website). Really well written and they can describe the music in a way that even if you have never heard it you want to. The reviews are also great for finding hidden gems (I often take the risk and then end up loving the albums).
I bought an issue of Wire a few months ago. There's quite a lot of interesting content in it ("real" interviews, etc.), but I (unfortunately ?) don't read this kind of magazines a lot now, what with the internet and all...
My wife and I got a subscription to Rolling Stone during her sister's school fundraiser. I had one before that for some time, but by and large I've ignored them as I ignore trends most of the time. I still get the occasional Guitar World, Spin, or Revolver if someone interesting is in it. Example: next month (or something like) is the Tool issue of Revolver.
But most of the time I just stick to the interwubs, and word-of-mouth.
The studio I practice at has Rolling Stone in the lobby. I'll read those when I'm just hanging out waiting for the other band but they've never been anything groundbreaking. These days, I find new music by just checking out boards like this or my LJ friends list.
I used to read Skratch Magazine a lot back in the day. They mostly cover the SoCal area music scene. It's free and they've recently dropped paper publication in favor of the web.
used to read the nme / melody maker and sounds religiously, record mirror depending on free singles and who was featured, used to subscribe to the wire but got increasingly bored by their holier than thou attitude. the nme now is truly appalling. it's like a dumbed down smash hits.
I subscribe to no music magazines, but I do read my boss' copy of PASTE.
Spin, Blender, and Rolling Stone are pretty much trash now. Seems like they diluted themselves quite deliberately and now cannot hold anyone's attention. They're reacting to new music, instead of diagnosing it. Maybe it was always that way though?
I remember around '98 or '99, Spin successfully positioned itself as THE nu-rock magazine, which became a cataclysmic failure when Limp Bizkit et al. went tits up 20 months later.
I used to love Punk Planet, but that era is over, too.
Stuff like Guitar World and Maximum Rock and Roll are a too narrow for my tastes.
maximum rocknroll and razorcake are the the biggest things i read. besides that its pretty much all diy/underground zines. i write for mrr and a locally run zine called neutral words, that one is pretty good. as far as stuff like spin or nme, or rolling stone...well, i dont feel they have any relevance at all anymore. before you think thats elitest, think about how relevant the entire music "industry" really is these days. pretty much everything worthwhile comes from a diy background right now.
My housemate has a Mojo subscription, so I usually take a gander at that when it comes in. It's a little too backwards - looking for my liking, although that does have a couple of distinct advantages: 1) It's a great source for identifying where to start with an older artist's back catalogue 2) it tends to give honest, hype - free opinions on new bands worth watching out for.
I used to read NME, Sounds, Melody Maker, and probably others I can't remember in the late 80s and 90s. The last time I picked up NME though it was just horrid, absolutely zero redeeming features. The last magazine I bought was The Word, when it had a Nick Cave interview, but that's about it.
I read Razorcake and Maximum Rocknroll. Both are fairly entertaining/informative reads. I prefer Razorcake as the stuff they recommend is usually to my tastes but you can't beat MRR for entertaining reviews of thrash bands I'll never listen to being compared to other thrash bands I've never heard of.
i have a subscription to blender, but i don't really read it to know about music. i frankly couldn't care less about what anyone's listening to. i think i just need something to read. rolling stone shows it's age, and spin is way too fucking hipster for me.
its funny, SPIN seems like its written by guys that used to know what was going on, but they are currently about a year behind what is actually happening ( at least as far as hardcore/indie/punk stuff) they get it at my garage, so i check it about every three months when i get a tune up or anything. i mean cmon, against me? what is this maximum rocknroll circa four years ago?
I picked up Rolling Stone occasionally for big feature pieces, but it's been years. The Word for the occasional interview (Nick Cave here too) but not in recent memory.
Your "4am" radio has introduced me to scads of new bands and artists, something I've never really used a music magazine for. Honestly, with the music so easy to access online (sample in itunes, download content from sites) review mags feel like an unnecessary step.