The final choice is between Newsblur and Feedly. First of all consider the pricing and limitations and see if they both are an option for you. If they are, then I would recommend Newsblur if you are a control freak, if you want to keep your finger on the heartbeat of your feeds and if you are an iOS user. If you can let it go and you are fine with no stats from your feeds then nothing beats Feedly.
I am going to look at Hive Reader, Digg Reader, Netvibes, The Old Reader, Pulse, Newsblur and Feedly. My usage pattern is: I am subscribed to 240 feeds, some are picture-heavy (no, it is not lolcats!), some have hundreds of items per day, others have one item per month. I consider only online applications, if for some reason you want a thick client, this review is not for you. I also need mobile and tablet clients: reading feeds is a very typical content consumption activity and I expect strong support for second and third screens. Offline reading is also expected: main reasons are that it makes reading more fluid, there are no mobile reception situations (London tube in my case), but it is also very handy when I can "charge" my reader with content before a flight and consume on the plane or update in the hotel when abroad and read it during the day. These are my priorities, yours may be different. I try to cover other aspects as well in this review.