I have long been an avid user of the Google Personalised Page, iGoogle as mentioned frequently. I have loaded it up with scores of RSS feeds and spend too much time on it. I have known for a while about Google Reader, but never preferred it over iGoogle. Recently though I have been converted, at least for blogs and magazines that update less than five posts per day. High frequency news sites such as the NY Times are better on iGoogle since they clutter the Reader. One of the nice features of Google Reader is the Shared Items which has been posted as a Gadget on the right side of this blog. It has its own syndication too.
*Update* Google Operating System also informs us of a powerful feature of Google Reader to reconstruct feed history not even available on the original site.