I am a fan of these papers for a number of reasons. They're useful for browsing whilst on the u-banana and getting local info on events, businesses and the like. The relatively simple format provides a handy way to practise your German and they are excellent for putting your shoes onto in Winter when you've got all those annoying little stones stuck in the soles.
Their website hallo-münchen.de is quite easy to navigate and seems more useful than some of the others out there.
The current issue that I have here headlines with an article about kids (84% of all households have no children), Alexandra Polzin posing with a Porsche that you can win a test drive in and a profile of the rather tasty Isabella Jantz...in whom you can't.
As with most of these there's a TV guide, lots of advertisements throughout the paper and a classified ads section for apartments, jobs, furniture and random hookups.
So instead of just chucking these out when they land in your mailbox, maybe give it a few minutes to have a looksee. If nothing else, the tabloid format also makes them excellent throne reading.
