> RSS is not a growing market and I think only independent developers with small costs will end up alive in a few years. Feedly will either have to evolve and find a bigger market, or pare down the cost of hosting the majority of Google Reader expats. And that doesn't square well with taking investment.

Exactly right.

The rush to fill the Reader gap with a broad and compelling offering (high quality mobile and web apps) was a problem outside the scope of small developers, but the long term prospects for the market are below sustaining levels for larger, funded businesses.

I do hope Feedly can figure out a way, without making me dislike them en route. If not, I hope they offer a data export.