I use Google Reader to keep track of my blogs. Unfortunately, there are limitations to what it can do. I'm considering switching to the highly acclaimed Feed Demon. I've installed it but have not played with it much.
Feed Demon alerts me when updated posts contain certain keywords of my choosing. That's nice. Otherwise, I have to sift through all the updated posts on Google Reader just to find which posts cover topics that I want to read, kind of like thumbing through a very large newspaper. And manually keyword searching every time just gets silly because there are several keywords that I look for. Why can't Reader have a feature like this?
On the positive side, Google Reader now has an automatic translation feature. You can subscribe to a non-English blog and it will automatically translate it into English for you (or something close to English... somewhat readable, anyway). This would come in handy during the next war that I decide to track. As it is, I subscribe to about 30 foreign feeds but mostly in English.
My biggest problem is clutter... information overload... trying to find a way to organize that. And I'm not big on organization. My Desktop looks just like my desk at work-- cluttered and disorganized. Currently, I just mark posts I find valuable with a Star, and occasionally use Google Notebook to record posts and categorize them.
I don't know how many feeds I subscribe to. There are almost 40 in my Economics section alone, most of which I follow regularly for information on the crisis. It's important, right? One nice thing about the profession is that everyone who is anyone has a blog, or will soon. Hopefully the market will soon deliver us the perfect feed reader.