Yes, it's the best way to keep up to date on things that are not updated very often. I probably have 400-500 feeds subscribed to in google reader, but never use google reader directly.
On Mac: Reeder On iPad: Reeder On iPhone: NetNewsWire (until Reeder comes to iPhone??)
Twitter has replaced some of that news gathering, but a lot of times if I'm away for a week, I'm not going to go through thousands of tweets to see what I missed, but it's pretty easy on the lower volume feeds. I don't necessarily read everything, but at least the headlines give me an idea of what's going on.
I don't know what I'd do without them.