This is a nice idea, and I love IFTTT, but it doesn't substitute Google Reader for most people. First, as pointed out, it is setup on a per RSS-feed basis. But still, take 50 or 100 feeds and you'll very quickly have a problem over too much information to handle. Google Readers deals with this well, but if you pile it into Pocket, it will be difficult to sort and track your reading, and your normal Pocket saves will be buried below mounds of RSS-articles that you may or may not want to read.
To me, the beauty of Google Reader (and iOS apps like Reeder) is the ability to sift through a lot of incoming information and DEAL with it, e.g. send it to Pocket, Pinboard, Evernote, etc. I'd actually wish Google Reader was even MORE optimized for dealing with large and quick information flows (such as - why can't I feed it Twitter feeds, or any page with/without RSS?). And the reader should do some pre-filtering or guesses on wheter the articles is of interest to me or not.