I've been reading U.S. News & World Report off and on for years and have always appreciated the magazine's fine coverage of current events and hindsight of issues past. The magazine could be a little thicker (a pet peeve of mine) but the content is clear, concise, and presented well with lots of photos, graphs, and charts.
Like most news magazines, the basic news can seem a bit dated by the time it sees print, especially with modern competition like television and the internet but the magazine seems to hold it's own, often with a fresh slant on things. Recent articles included Treating Depression, A Return To (Relious) Tradition, and the latest on the situation on Iraq and the US campaign trail.
I prefer U.S. News and World Report to most news magazines on the newsstand and it certainly complements any news I obtain from other sources as well.