I first saw the news on Ars Technica and was struck by one of the reader comments that said, and I paraphrase, "Hey no worries, I've got Twitter!" As much as I like Twitter and appreciate how it enables the cream to often rise, I'm not completely convinced that the primary way to source information relevant to me is via the Twitterati oligarchy. I would surely miss items of value, that for whatever reason, failed to percolate up into my timeline. Not every meaningful article or link or whatever will trend or be (re)tweeted my way. I would have to put a little more trust in that community than I am willing to as this point.
And there is even some speculation that Google is going to try to shoehorn a service similar to Reader into Google+. Social media as a major news portal seems like bit of a farce. Do we want to continue allowing the news to get even more TMZ'ed as the line between entertainment and traditional news evaporates? Please Lord, no.