There are multiple alternatives.
There's Feedly. It’s not the minimalistic, omnipresent glory that is Google Reader, but it’s close, and in some ways exceeds Reader’s capabilities. They've got even a guide for transitioning.
There's NewsBlur. It's developed "in the open", aka you can just check it out on their GitHub.
There's Netvibes. However. Unlike Feedly there's no simple import route in Netvibes for integrating your Google Reader subscriptions. Instead, you need to export your Reader subscriptions as a .ZIP file, extract them to find the 'Subscriptions.xml' file and then import that into Netvibes.
There's also another question on the same subject on Stack Overflow.
And there's many more, just do a Google search.
In my (and many others') opinion, Feedly's the best alternative. But each their own. Good luck!