Fraidycat doesn't have a central server - so even if I do get knocked off by Facebook Mafia, the software will still function just fine. Can't compare to Feedly, don't know anything about it.
Oh right, I suppose I should have installed it first. I like that it's stand-alone.
While there is much I don't like about Feedly, the things I do like are it's ability to make suggestions, and that also you can add things like YouTube links - like fraidycat. This means if Primitive Technology release a video, I know about it, and it comes up along with developer blogs I follow. The suggestions have been useful in discovering new blogs, but you can't have that with a stand-alone app... unless you provide a server for this. I'd happily provide my anonymized feed list to a server, if I get in return a bunch of adjacent content creators.