Reader now sports a simplified design, new post layouts, spiffed-up tag pages, and recommended posts.
Some nice visual changes in this iteration. Makes it one of the most visually pretty feed readers out there now while still maintaining a relatively light weight.
I still wish there were more functionality pieces built into it like the indie-readeror even Feedly. While WordPress in some sense is more creator oriented than consumption oriented, I still think that not having a more closely integrated reader built into it is still a drawback to the overall WordPress platform.