This newstand seems to have more magazines than newspapers. They seem to carry a very wide variety of titles, so if you are looking for an unusual magazine, I would direct you to look here. They also have your typical candy and snacks inside.
It's main function, in my observation, is that of a landmark for people meeting in Harvard Square. It is a rather large kiosk and it is located pretty much directly in the center of Harvard Square. If you are getting off the T and meeting people, "Out of Town News" is a good place to meet.
Other than that, it is not too exciting.