Fred Wilson does a nice job reminding us of this growing trend: The "Feedization" Of The Web
...think about the Facebook generation. My kids are growing up with the news feed as their start page. Not Yahoo's portal approach and NOT google's search box approach. In time, its entirely possible that feeds will be more powerful than search.
It's important to note that Web metrics look very different on social media sites where search will account for less than 30% of the visits. Where search is deliverying the overwhelming majority of visitors on content centric sites right now, the future may look far different.