Who knows, the demise of Google Reader seems to be spawning a lot of cool projects and Show HN's. I don't think it's the end of the world...seems to be driving forward innovation.
Let me emphasise your point with a bit of shameless self-promotion. It may not be what the OP is calling for but some of you might like it. It's a web based feed reader that I've been working on since before Google announced the imminent shut down of Reader.
I've tried most. Not a single one has 80% of the usability of Google Reader.
By usability you surely mean something other than the traditional sense of the word. Exactly what was usable about the Reader interface?
Folders, drag and drop feeds between them, the caching of entries Google did, and the Android app was ok, and it didn't install some browser crushing plugin to work, it was a website.