Bloglines, a popular RSS reader [definition] is to close October 1, as it says "being locked in an RSS reader makes less and less sense to people as Twitter and Facebook dominate real-time information flow".
Thanks to Twitter and the like, people don't read use RSS readers any more, in other words (though over 70% of Mashable's readers do — or at least they did, a year ago).
To follow lots of blogs (and a huge etcetera), however, an RSS reader is indispensable — and has at least one huge advantage over Twitter and Facebook: you choose who or what you want to follow, and you don't finish up swamped by garbage.
Switching over to a different RSS reader is simply a question of exporting your feeds from Bloglines and importing them into a new one… but which one? The new, social media version of Google Reader was the obvious choice (though I much prefer Bloglines) — but further dependence on the Evil Empire aka Google, that's bad news, too.