Google Reader (Free)
It bags the #1 position due to its seamlessly synchronization with multiple accounts and gives you access to the full subscription features like starring, marking as read and sharing. It also includes some neat navigational features like the ability to use your phone’s volume rocker switch as a next and previous key for your RSS feeds
FeedR ($1.9)
You can search and preview your feeds, read offline with images, conveniently switch between mobile and full view for articles. FeedR’s design emphasizes on transparency; the UI stays out of your way, which frees up valuable screen space for reading. Additionally, it allows you to manually manage your old feeds, as well.
Pulse (Free)
It’s sleek layout and photo-centric swipe based reading style, surely captures our hearts. The interface translates surprisingly well to Android phones. Pulse is the most social of the newsreaders in this roundup and includes the ability to stream your Facebook feed right along your news feeds as well as share stories via Facebook, Twitter, and email. You can start fresh with Pulse or import all your feeds from Google Reader
NewsRob (Basic: Free, Pro: $6.84)
It syncs your Google Reader account to your Android phone for real-time and offline reading. It includes system wide notifications of new content, caching to the SD card for smoother reading, and the ability to mark as read, favorite, and edit feed categories. Upgrading to the premium version removes the ads and enables article sharing and article notation.
gReader (Basic: Free, Pro:$5.47)
It sports two-way synchronization with Google Reader, offline reading, direct editing of your feed and folder settings from gReader, support for local caching and saving media from your feeds to your phone, offline reading, system notifications, and easy sharing via email, Twitter and Facebook. The premium version removes the ads, and activates additional features like themes and widgets.

I switched from gReader to Google Reader mainly because gReader would freeze my phone for 30-45 seconds when updating…Google Reader may take a while to pull up a feed but at least my phone doesn’t freeze.