It's very simple for now. Only RSS support (no Atom), no Google Reader import, no read article tracking, no sharing options, no API access, no Facebook login. This is only for getting your feedback and see what are the most important points to focus first. Of course all this points I mentioned will be built in the next days and weeks.
The main difference to the other Google Reader alternatives that where mentioned these days is that we have a back end and are not depended on the Google API to work. We adapted the back end that we had in MyNews.is and adapt it to the new use case.
We will have an API for developers to access users news feeds like the Google Reader API, but not only that. We will also allow developers to build apps directly on Reader.is. More informations will follow in the next weeks. For the moment you can sign up here:http://developers.mynews.is/
Check out Reader.is and send us your feedback.