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That is a huge list. In what way do you consume this? I would feel overwhelmed following this many blogs. How much value would you say you get from following this many blogs?

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I agree - the list is truly impressive. I ran a quick spot-check and it looks like most of these blogs are of medium to low activity. Having 1000 blogs in your RSS reader with an average of 1 article per month per blog results in reading 3 articles per day on average - not bad.

That's exactly the point of RSS. Not an alternative channel to read the same one site you anyway refresh 40 times a day, but to keep track of the 200 sites which may only update sporadically