Google Reader app for Android now available
It supports multiple accounts and synced preferences (although the feed sorting preference doesn't seem to be syncing at the moment). You can even subscribe to new feeds straight from within the app. A robust search function is also built in (naturally, this is Google after all), and you can share items via Android's integrated cross-app sharing mechanism.
A couple of neat touches are also in: you can use the volume keys to navigate between posts (if you enable this from Settings), and you can long-press on any folder or subscription to bring up a menu from which you can rename it, unsubscribe or change folders.
The official Google Reader app is now available for free in the Android Market for devices running Android 1.6 and newer. Be advised though that if you search for it in the Market you may have to scroll down quite a bit to get to it. Look for "Google Inc." under the name of the app -- that should make locating it faster.
The QR code is included after the break.