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I haven't subscribed yet to either (and there are a few more) but I usually pick up one per month. (each has good months and BBBAAAAAADD!!!)
Watch collecting is still considered a luxury hobby, so the prices of the magazines are ridiculous, with little to no discount for a subscription. I like WatchTime because it has articles on collectors - athletes, celebs - and they have some amazing collections. But IW usually has better watches to suit my interests. In fact, last months issue was split into 2 sections, the second being just for sailing, diving and freediving watches!
THe only thing I hate is that you'll never see less expensive brands like Invicta, Zodiac, etc. discussed. There is usually a good deal of Seiko talk, though, but that's about all they delve into my realm with.
Still fun to learn about new design trends, techniques, etc!