It's weird that most of these other reviews are concerned with subscription problems. I just moved to the city last year, and subscribed to both Time Out New York and New York magazine. After about a month, I found myself tossing out TONY, which with its papery material feels more like a TV guide to me, and instead carrying my copy of New York everywhere I go.
While TONY is more comprehensive about local events (i.e. readings, concerts, theatre, movies, etc.), New York magazine focuses more on New York culture and news, and especially emphasizing the media's current focus. For instance, last week's issue had Caroline Kennedy on the cover.