Feedly is fantastic, too, for those of you who want to keep following multiple blogs. I've been using this for the last few months, and I think it's fabulous! Feedly has plenty of differently colored themes, a few ways to customize how you view the blogs you follow (I prefer the magazine view), it let's you organize blogs into different categories, makes it incredibly simple to add blogs to follow, and it's easy to navigate. There's also an iPad app. All in all, it's a great alternative to Google Reader!
Bewitched Bookworms made a post a few months ago that lists plenty of other great alternatives to Google Reader, so check it out!