I have avoided addressing this topic because, quite frankly, I was confused and didn't want to give out incorrect information.
If you don't already know, as of tomorrow Google Reader will no longer be available. I was following quite a few blogs through Google Reader so it hit home for me. Here's what I have been able to gather from other bloggers and online information.
If you already have a blog and used Google Reader, I'm sure you know about this and have already taken steps to move the blogs you follow to another reader. Or you can still follow your blogs from your Google dashboard.
If you follow blogs in any other reader or by any other method, you're fine.
As far as I can tell, Google Friend Connect is still available.
I transferred the blogs I follow to Feedly - it was super easy to transfer - and I'm very happy with it. Actually, I find it much more user friendly and it has some features that Google didn't have. I like it! I have added the green Feedly button in the upper right-hand corner if you would like to follow me there.
One of the blogs I follow has a pretty concise writeup here.