The best RSS clients that I've found (Reeder for iOS and Pulse for Android) both use Google Reader as a backend to keep the feed list in sync. I don't really want a whole ecosystem, any social features, a fancy web site, etc. All I really want from an alternative is for it to provide an API for keeping feed lists in sync and for the many Google Reader clients currently available to support it.
This is exactly what I've been thinking. The conversation about "RSS readers" is really about several different components that are integrated in to a comprehensive product:
* A backend for managing subscriptions, read/unread status, tagging, etc
* A web UI for reading your feed from anywhere
* A native-client (iOS, Android, OS X, etc) for accessing your feed from your devices
Users of the Google Reader web UI need the full stack, and there are already alternatives, but there are many native-client users who don't need the full stack. They only need the backend.
If someone were to roll a Google Reader API compatible feed subscription and sync service, I think they could recoup their investment pretty easily.
UPDATE: It looks like Feedly has "Normandy" waiting in the wings, but I'm not sure how access and fees will shake out for third-party developers. I'd really like to stick to my existing native-client (Reeder), so here's hoping that they make it reasonable and everyone gets on-board.
1. 1-key shortcut support for a read later service (Instapaper, etc). Most native clients offer this already, so it's just something I'd like on the web view.
2. Keep the same navigation shortcuts as Reader (esp J/K). My fingers are already trained.
Feedly is doing just that. They are inviting third-parties who are interested in using their cloned version of the Google Reader API, which is currently called Normandy, to contact them in order to "...keep the Google Reader ecosystem alive."