A must-read for anyone who lives in, wishes they lived in, or loves downtown Manhattan. Paper is a really well-written magazine that talks about what's going on all around the city (though there's a distinct focus on downtown). Restaurants, clubs, fashion, celebrities, and randomness...and it's NOT dumbed-down. But if you're not in NYC, this magazine is "universal" enough so that it won't make you feel left-out.
I have been a faithful reader of Papermag since the early 90s. NYC nightlife hasn't been the same since then, but I've continued to love their fashion coverage, celeb interviews and editorials. Also, MIckey Boardman is a god. His Ask Mr. Mikey column rules.