From official website:
"It's just like the old google reader, only better. We're in beta right now.
It allows you to browse your daily dose of content with that very special bit shared by your friends, with notes and comments.
You can import your feeds from your Google Reader account Directly or use our OPML import feature if you're sensitive about your security..."
Try out it: http://theoldreader.com
HOWTO (tour): http://theoldreader.com/pages/tour