While I get where you are going with open source project being the default choice, I don't think it fits the example here.
Feedly, like Google Reader, for me is nothing but a server. It's the same reason I pay for my email, iCloud, and similar services. I am paying for them to store data, run some service, or similar for me.
Even if I went the open source route I would still want a server that is doing the fetching for me. A central place to keep things in sync between multiple devices and to cut down on the data usage when on my phone. That server costs money to run. Either I am running that server myself (and taking on the Maintence of it) or I pay a service like Feedly.
While I agree that Feedly's way of monetization is likely wrong when they could have just run the route of $5 a month and that's it. Nothing fancy, it fetches and thats it. That could be a perfectly sustainable business model.
Edit:
Also I really think we should re-examine "open source should be the default" when the vast majority of open source projects are not at the polish of something like Chromium.
Most average (non technical) consumers are not really going to accept what a lot of open source's experience is. See gimp and open office compared to Photoshop and Microsoft Office.