So what's Google Reader? Created by Google, the Reader allows you to look at all the blogs you've subscribed to at once. To add a blog, click on "posts" or "all comments" under subscribed, and then click on Google. That will make the blog available in Reader.
Once you're into your Reader account (accessible from the bar on the Google homepage, assuming you have a Google account), you'll be able to see a list of the newest posts from each blog. Click on the posting title to read the post. Once that page is open, you'll be able to scroll down to read more on the blog or click on your subscriptions (to the side) to read a new blog.
While this may not be new territory to a long time blog reader, I hope it's useful to the rest of you. I'm still trying to decide if I like the notification telling me what I haven't read yet. It's always a high number!