Even if he incorporated a large subset of Reader features into G+, I think at best that would likely only capture the wants of a small fraction of the Reader user base given that both products have inherently different goals. G+ is, depending on how you look at it, either a full-fledged social network or a central identity service connecting various components of the Google ecosystem. Reader is a dedicated, decentralized (in the sense that the feeds themselves come from outside Google) RSS consumer. Both products seemingly have different philosophical approaches to the web (walled-garden vs. generally open) and I'm not sure that can be reconciled so easily.
These musings are off the top of my head though, so I'd love to hear thoughts from any avid Reader users and/or G+ engineers/users who agree/disagree.