In particular, my friends and I are looking for something that has a similar social sharing aspect -- where we can share feed items with one another, from within the same interface. Basically, what Google Reader used to be, before they neutered it.
Alternatives to Google Reader:
Newsblur: This is a very good alternative more than anything in the way that organizes our feeds. Well minimalist, but with good use of colors to detail the importance of the news contained in the folders that have separated our RSS Newsblur and is promoting ways in which you can migrate your account to Google Reader them, seizing the opportunity. And the truth is they have the service to promote.
Netvibes: This service is a dashboard with many features, among them a complete account RSS reader. Do not be afraid to see the price list because the basic account comes out almost $500, but we have a free account that includes the RSS reader and some more features.
Bloglines: Ideal for mass consumers of blogs, BlogLines allows us to read our feeds directly online, and is also available for some cities in its Local.Bloglines is a simple alternative.
Good Noows: This web based application promises “change the way we read the news.”And they may be right. It has an interface much more interesting and attractive than Reader. It is web-based and totally free. It is one of the best alternatives to Google Reader!!
Feedlooks: With FeedLooks we can combine two things: our RSS feed and our Twitter account to get everything synchronized in one place. It is one of the most complete because it has features that allow us to filter the most interesting news of a publication to which we subscribe, and let us read feeds without leaving the app but with the same aesthetics of the web that we are reading.
Feedly: Feedly is a reader “for creative minds.” One of the best alternatives to Google Reader needs to be installed in your browser to use, but when we do have access to integration with social services like Twitter and Facebook, a simple and minimalist interface, and many ways to customize the way read the news.
Readefine: Readefine experience is almost the same as reading a newspaper, for its interface. It has support for Instapaper and ReadItLater, builds on our existing Google Reader account and organizes our feeds in multiple columns to have better access.Beware, for this reader has to be installed on the computer prior to use, but in a good way to synchronize our feed.
Feed Demon: Another great alternative that is already chosen by many. FeedDemon is a simple service that does not distance itself too much from Google Reader, and can serve for those who do not want to wean too much to what were already using.
Blog Bridge: “The best system for addicts to information” has the best interface (actually seems a bit dated), but is aimed at people who have to learn everything at the moment it is published (journalists, professional public relations, among others). It has to be installed on your computer to use and care, because it has a price, so only limited to those looking for something professional. Check out Blog Bridge
Readable.cc: A simple news reader with a focus on readability. No social features but has a voting system that is used to find new content you may find interesting. It's also open-source.
For similar sharing experience you could try The Old Reader. Their goal is to create "Good old Google Reader" clone.
Newsblur is currently adding sharing and commenting right inside the reader.
BazQux Reader is a new Google Reader alternative. It shows comments to posts and supports reading of Facebook and Google+ pages.
PS: I'm biased here, since I'm developer of BazQux Reader.
How to save screen estate in the new Reader
Now that Google Reader has been retired, I have been using a combination of sites. I started using RSS NewsBytes to keep tabs on current events and major tech news, and Feedly for well, pretty much everything else. The problem with all the readers that I have experienced is that they are kind of difficult on the eyes. NewsBytes is designed a little bit easier on the eyes it seems for the bulk of my reading, but clearly it is lacking in a lot of other features, esp. the social sharing.
Sublug is a new feed reader that seems promising.