I finally relented in the face of Scoble's constant exhortations to try Google reader.
It looks quite slick but alas there are two show stoppers preventing my migration.
1. I have to reverse the read order to my preferred oldest first individually for each feed!
2. There appears to be no feed level control of how to handle updates to posts. Normally I want updates to be treated as new posts but there are some sites that insist on constantly updating old posts to no effect (Crooks and Liars video play count, I'm looking at you).
So, I guess I'm staying put for the time being.