Unlike the iPad, they're not primarily designed for web-browsing. At the very least you'd want to find a Youtube video showing someone using the device. (Best case is obviously to play with one yourself).
I suspect it could be workable if you're only interested in the blog entries, and you don't (often) have to click through to read the full entry.
If it's a link-heavy blog, or you often find yourself wanting to Google a phrase, I think you'll find it too much work to navigate. Unless you find a device that has a touchscreen as well as internet access. Most websites are not well designed for devices with limited keyboard navigation only, and the relatively slow screen refresh isn't going to help.
And I wouldn't be surprised if you found Google Reader completely unusable. So you'd have to use bookmarks and check each blog manually. Unless the blog is available in e.g. the Kindle store - apparently the Kindle will let you subscribe to _some_ blogs, and possibly for a fee.
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