A colleague of mine just asked me about keeping up with blogs, so here's the answer as a blog entry (kinda self-referential):
In summary: I use SharpReader, and so does James Snell.
Here's the long version:
A current thread of discussion is what blog readers to use. A problem with blogs, as you may well have discovered, is that there's lots of them and they're updated at all different rates. It gets old checking them each day just to find that there's nothing new, but it also sucks to check one after a week and find there's been something useful there for several days but you didn't know about it. You kind of wish blogs worked more like e-mail, such that each new blog entry would be mailed to you and you'd be notified. Perhaps you could just subscribe to the ones you're interested in (and not all one-bazillion blogs there seem to be in the world these days), and perhaps have a different mailbox for each blog.
This is the idea behind RSS and Atom feeds. They syndicate information in a machine-readable form (XML--what a shock!) so that a feed reader (which works like a web browser or e-mail viewer) can process the information and present it to you. Not only can the reader subscribe to only the blogs you point it at and keep each one's feed separate, but it can automatically check the feeds periodically and let you know when there's new content.
For example, if you're reading my blog on the developerWorks site, in the upper-right corner of the web page, you'll notice a calendar and a button under it labeled "RSS." If you click on it, the link returns not an HTML document but an XML document. The XML's root element is an <rss> element, containing a <channel> element, containing a bunch of <item> elements. Your RSS reader interprets this and displays the blog to you in the manner it sees fit.
James Snell has commented that he uses SharpReader, which is also what I use. Seems like a tried several a couple of months ago and settled on this one. It's a GUI that runs like a web browser or e-mail viewer. Bob Sutor and Bill Higgins say they like to use Bloglines, which is a web site that shows you the blogs you're interested in.
What I like about something like SharpReader is that I can sync it, then read stuff off-line, something you can't do with Bloglines since it's a web site. (Then again, some blog feeds don't support off-line reading, they essentially just feed a URL to the entry, which isn't much of a feed. Or they only feed the first paragraph, so you have to be on-line to read the rest of the entry. Guess they're saving bandwidth.) Bill says that Bloglines is not so much a reader, but a community that lets you know who's reading what blogs and other blogs that are similar to the ones you like. So I guess it all depends on what you're looking for.
One problem that RSS feeds still can't solve is that once you subscribe to one, you get all of the items published on that feed, even if you're only interested in some of them. There is currently no "RSS policy" that us authors can use to describe their items and you subscribers can use to filter the items they receive.
James Snell has also made some interesting comments about the information pull model that services like RSS and Atom represent as opposed to the push model of e-mail, where you get lots of junk pushed your way by anyone who knows your e-mail address, and where you have to actively ask someone else to unsubscribe you from a mailing list.
In any event, if you're manually polling blog web sites and thinking there's got to be a better way, there is. Check it out.