I'm enjoying the new Independent Media Weekly Monday supplement. It's clearly in direct competition to the Guardian's longer-running MediaGuardian supplement (also published on Mondays), which I've tended to buy now and again.
The reason that the Independent's offering is better is simple: more content, less ads. In today's edition, there are only 3 pages of ads in the 24-page-section (with one ad being for another Independent supplement). In comparison, the Media Guardian seems to have about 10 pages of content and 20 pages of ads (mostly job ads). I'm sure things will balance out over time though, as it'll probably be a while before the Independent builds up steady readership and advertising base.
The content in the Independent's supplement is also good though. They have regular commentary from the well-respected Greg Dyke, and have scored some decent interviews, including David Dimbleby (today) and Piers Morgan (a few weeks back). The style is good, with a fair amount of tongue-in-cheek as well as serious analysis. There's no New Media subsection yet, but perhaps that will come.
All in all, I'm impressed - and I'm already buying it instead of the Guardian. The Independent is doing the best out of all newspapers at the moment, with its shift to tabloid size and 'concept' front pages, and so it seems to be cornering the media market too. However, the Media Guardian's website is miles ahead, and so there's still room for competition.