Congrats to Nick Halstead and the team - fav.or.it is live. I've been playing with it for the last few days and I'm very impressed. it's all Nick said it would be and has a lot of potential to lure people away from Google Reader.
Slices, catalogues, the ability to comment direct in the tool and some fascinating stats make it a killer app.
[update] playing some more and hoping Nick will open up the invite process soon. Apart from a minor UI colour gripe, I'm enjoying it. would also be good to hide the fee/slice pane. I predict the comments on blogs will rise due to the ease of which fav.or.it does comment syndication. very nice.