The only issue, as noted in this comparison of FeedDemon with Google Reader, is that FeedDemon cannot sync subscriptions with Google Reader and this may be a deal breaker for some as you have to maintain all your subscriptions in two different locations.
This is like having the best of both worlds. You can read your RSS subscriptions in either FeedDemon or Google Reader and changes made to feed items in one reader will be propagated automatically to another one so there’s no double work involved anymore.
This smart move would also help Newsgator make a strong impact among the Google Reader community as people can now use FeedDemon without having to migrate to Newsgator Online. No word about the release date yet.
Update (Jan 30): Nick has added another screenshot that shows how you’ll be able to access your Google Reader shared items directly from FeedDemon. You can drag-n-drop browser tabs and hyperlinks into this shared items folder and the corresponding item will automatically get added to your Google Reader’s shared list.
This is something similar to Newsgator Clippings that already exists in FeedDemon except that share items will now get added to Google Reader and not to your Newsgator Online account.
I would also love to see the Notes feature of Google Reader integrated in FeedDemon so instead of sharing the full web page, I could simply share an excerpt.