If I had the time and money I'd subscribe to and read the NYT, WSJ, WashPost, Economist, Times of London or Financial Times and The Guardian/Observer. That would probably give a healthy round up of news and opinion. The LA Times is probably on it's way to crashing and burning with all the editor resignations and dismissals, as well as debilitating layoffs. I never read the Chicago Tribune, but I hear it's gone downhill. When I lived in NYC and the metro area I read the Times, Village Voice, and occasionally the NYPost and Daily News. The Post had very good sports coverage (racing!) and the News had excellent coverage of local NYC politics and news.

In Spain you can read the left-center El Pais, the right-center El Mundo, the right-leaning ABC and the Freaky Vanguardia if you are a catalan. There's probably a similar gamut in France (Le Figaro is right leaning I think, with Le Monde more leftish). Variety is good. Don't know what the Germans go for. If I remember correctly the Frankfurter Zeitung is one of the more mainstream papers. There is probably a Berlin daily that is tops now, since they became the capital again.