[bdarnell]

Google Reader's folders do allow for tag-like multiple categorization. If you use drag and drop then it acts like folders (and removes the feed from its previous location), but if you use the "Feed settings" dropdown in the blue bar you can check multiple folders and the feed will appear in all of them.

You can also turn off display of unread counts with the menu under the little downward triangle in the left column. These features are pretty undiscoverable, but they're there.