I'm in the field, so it's worth having a look at Google's new reader. I haven't done more than export my feeds out of BottomFeeder and start importing, but here's my first impression - they really, really need to give the user some kind of feedback during the import process. I sent it over 300 feeds in my OPML file, and all there is for feedback is a text box that says "Your subscriptions are being imported..."
No animation, no progress report. Heck, for all I know it's locked up. I'll have more to say once I see what happens next.
Update: Well, with no sign from the server that it ever finished importing, I simply refreshed the page. It apparently imported everything, but I have no idea as to how long it took. The interface does feel slow and clunky, as others have reported.
I think the main take away I have is that people like me are not Google's primary target. I follow hundreds of feeds - there are people out there who follow more. I suspect that Google's target reader keeps track of far fewer sources - 5 to 10, maybe. The two pane presentation style probably works for that kind of list, but I can't see me using it - BottomFeeder makes it far easier for me to spot the new stuff I care about quickly.