Google Reader Saving My Favorites

Just as I was about to add some sites to my Google Reader list they announced this week they are getting rid of Google Reader in July.  There are apparently some alternatives but none look particularly appealing so far.

I want to save my sites, so my plan is to just open Google Reader, click on a post to go to the actual site and then save it to My Favorites in Internet Explorer.  Putzy but it is guaranteed that I will still be able to keep up with the many blogs and other sites I enjoy.