I sort of wasted my night last night reading old archived posts put up around the time Kathy Sierra quit blogging, and try to draw some conclusions on the differences in blogging style from 2007 to 2009.
That's why I always go with different categories - I track an unusually large number of feeds, so not everything is of equal importance every day. On slow news days, though, I make my way down the categories I have organized in order of priority.
I intentionally subscribe to more feeds than I need so I'm never without, but don't feel guilty about not reading them all.
I've always felt that Google was a benevolent overlord. That may change at some point, and at that point I'll leave. Until then, I'm ok with being dependent on them for almost everything.
Google Reader is my starting point to follow everything that's on topic. There is absolutely nothing out there that comes close. Twitter is not for full feeds, period.