We have closed user registration, and we plan to shut the public site down in two weeks. We started working on this project for ourselves and our friends, and we use The Old Reader on a daily basis, so we will launch a separate private site that will keep running. It will have faster refresh rate, more posts per feed, and properly working full-text search — we are sure that we can provide all this at a smaller scale without that much drama, just like we were doing before March.
Expected news, if disappointing. Users will have two weeks to pull their feeds from the sites.