I read feeds directly in Google Reader. Before Reader, I used Bloglines. I'm subscribed to 175 feeds.

Standalone applications have never appealed to me, as I tend to switch computers often and use the one supplied by my employer as my primary. This means I like having as minimal a set of applications as possible that I would need to install to make a new computer my primary. I'm also used to the conveniences of the web browser (middle clicking, etc).