This does not work very well for me. Google Reader is still one of my primary sources for health information - I channel Twitter feeds, YouTube subscriptions, Flickr and podcasts through it as well.
The RSS reader collects all rich media in one place - a true "inbox for the web". The disjointed approach described by Steve Rubel above can be confusing to many and a time-waster to even more. Everybody has their own preferences, of course.
For example, Steve abandoned his popular blog MicroPersuation to move to life-stream, then Facebook. Alternatively, I decided to stay with my blogs and send their updates to Twitter and Facebook. My blog is still my home on the web. You can build a professional profile on LinkedIn, Google and (may be) on Facebook but I decided to keep a separate website just for profile information. You can build it for free on Blogger.com by Google, control every aspect of it, and the only expense is the fee for domain registration ($10).
Comments from Google Buzz:
Tim Sturgill - I've started to use GR as you are for Twitter. I wish Twitter had RSS for direct messages as well.
Vamsi Balakrishnan - I use Google Reader for my news sites (both tech and health). And, for the individual people I follow, like you, I'd use my Buzz. Every few days I log on to Twitter to check messages / replies / etc.
Lakshman Swamy - GR and buzz!