You are at the mercy of your hosts when they hold your data. Using an online feed reader like Bloglines or Google Reader means that someone else is backing up your feed subscriptions. This is usually a good thing, except for when they accidently delete all of your subscribed feeds. That happened to Steve Tibbet today. And not just Steve, it happened to a bunch of people.
It looks that problem has been fixed, but I immediately went and exported my subscription list to an OPML file. I wonder if you can create a PowerShell script to automate that export. The URL is a static link, http://www.google.com/reader/subscriptions/export.
I, for one, welcome our new Google overlords. Even so, things break and you can't rely on them to back up your data.