I had heard about it and have just recently started using it - and loving it! It's really a great tool if you read blogs as it makes it so much easier to keep up with them! I encourage you to try it.
I have "google" set as my homepage. One of the options is "Google Reader". You can add in sites/blogs that you visit (add subscription). Whenever one is updated, you will see a note on your google homepage. It highlights things that you haven't read so it is easy to see what is new.
Try it - I think you'll like it.