Newsweek might have its faults, but compared to any other weekly news magazine, it is miles better. The quality and depth of reporting and the calibre of their columnists is top notch. Your other choices, such as Time, pitch to readers who want their news in smaller, easier doses. I agree, the switch to the new fomat took some getting used to, but now I like it. The "ad" comment surprised me. Newsweek and Time run pretty close to each other in ads.
LOTS of ads
I used to subscribe to Newsweek. Now I know why I stopped. It's chocked full of ADS. Certainly not the quality magazine that I remember. And, it's quite expensive for so many ADS! Blah!