Wow. Great topic and there's been some wonderful replies.
I would say the most important thing really is to know your own music taste and then figure out who else shares that taste and then listen to recommendations. What's the use of flipping through a glossy "indie" rag that's being funded by corporate conglomerates and declares boldly on the front cover that The Killers are the best band ever? Now if you agree that The Killers are the best band ever, by all means, check out the aforementioned shit rag and buy buy buy all the talentless corporate shit they are promoting as the latest and greatest "indie."
My point is, you need to discriminate and be critical about *where* you get your info. If your friend says The Bravery is the most imaginative and creative act he's heard over the last 12 months, chances are he's not a good "go-to" guy for new band info.
I tend to stay away from the bigger magazines b/c I tend to dislike watered-down corporate shit that was not created by individuals I would refer to as a genuine music lovers. I think the people on this board that have suggested checking out older music are right on. Trust me man, nobody's going to give a shit about the Arctic Monkeys in 10 years. Does anybody ever talk about Menswear? Same shit, different decade, bro.
My space and allmusic are good starting points. Especially if you have bands you know you genuinely love. Go to those band's pages and start reading. Check out the related artists section on allmusic. Check out the list of friends on my space for a band you like---maybe you'll be turned onto some new ones.
Sometimes I think about where I discovered what I feel are some of the most intriguing bands I've ever heard. Bands like Lowlife, Pale Saints, Kitchens of Distinction---dude, allmusic has pages on all this stuff. Check it out..
And if you ever have a question about a band that no one seems to know anything about, see if you can track down Scott Verastro (he used to work at the 9:30 Club)---that guy probably knows more about music than anyone else I know and I know quite a few music nerds being an incorrible one myself...
