I feel that it's time for us to move forward. Accept it. Google is a grown up company and can do what it wants. Google is doing something that few companies rarely do which is getting rid of products that, while popular, don't fit in with their strategy or direction of business anymore. 7 years of use from a product in this day and age is actually a long time.
There has been an incredible shift over the last 7 years in both consumer products and software. 7 years ago, we didn't have Twitter. 7 years ago, we didn't have an iPhone. Amazon's Kindle didn't exist. Evernote didn't exist. You couldn't buy a Mac with an Intel chip inside. The first gen iPod Shuffle had just come out.
Technology changes, adapts, and disappears. It's uncomfortable. Remember the promise of the Palm Pre? You have the choice to complain but Google has the choice to change. But look at it from another perspective: it's an incredible opportunity for others to take advantage of this shift. And there are plenty of options out there if you just Google the words Google Reader Alternatives