no offense to new music, but i mostly keep myself busy finding old bands, going through nuggets comps and listening for the gems, catching up with some 70s group that i just never got into for some reason or another ... there's just so much great stuff out there that i haven't heard
it's so tiring to really try to be "ahead of the curve" and find new bands noone else has heard, and most of today's stuff is pretty derivative and non-essential ... that said, i read Magnet cover-to-cover, and focus a lot on their record label advertisements and reviews ...
Liberation Dance Party is actually a fun place to keep up on what's coming out, and you get to see the videos too ... This forum, pitchfork, and emusic are good resources ... and it really helps to have similarly inclined friends with whom you can chew the fat ... oh, and rolling stone is really essential; you won't learn about new bands, per se, but you'll get a broader perspective on the music industry (plus just great journalism) that you miss if you just follow the indie rags
but who cares about knowing about a band first? there are filters out there like DJs and magazines for a reason, to separate the wheat from the chaff