I've set up two wire baskets in my living room. One houses all the magazines I've look through, and the other is filled with my new magazines that I haven't looked through yet. This really helps keep my coffee table free of stacks and stacks of magazines.
Every so often when I have a free morning, I go through the magazines I've read and tear out pages that I like. There is no sense keeping an entire magazine that only has one rug or light fixture you like. Tear out that page and chunk the rest. I have a binder I keep with my read magazines filled with clear protector sheets, and I keep all the pages I've torn out organized into categories.
Not only does this keep your home free of TONS of magazines, but it makes it easier to find the things that really inspire you.