While not everyone is happy about this, I love it! The Google Reader overhaul is happening right now, and you should see it soon. Included…
A new look, similar to other Google products
You can +1 items in your feed (instead of “like”) and quickly share items with your Google+ circles.
As part of that, they’re removing friending, following, shared items and comments. Kind of a shame, but understandable since Google+ handles all of that stuff.
Along with all of that, an updated Google Reader Android App is coming “soon”. No word on new features, but it’s presumably to simply make the changes above (remove some elements, add others).
Has the update rolled out to your account yet?