One of the reasons I moved out from blogspot, to my own server, was because I couldn't create a RSS Feed of the blog easily. Today I found that blogstreet provides a simple way to do so. Hence I created a RSS feed for my mostly java blog on blogspot. However as you know this blog is just there for reference to old entries and will not be updated often.
Which brings back the old question of whether I should reconsider blogspot?
Hell no! Hosting my own blog is loads of fun and gives you much greater control on the blog.
In fact if you too can host your blog on my own server.

Update: Now blogspot provides an Atom feed. Append /atom.xml to the end of your Blogspot URL to get your Atom feed. For example my blog - http://taragana.blogspot.com/ has an Atom feed at http://taragana.blogspot.com/atom.xml .

Many news readers and aggregators doesn't support Atom feed yet. You can use feedburner to convert any Atom feed (including your Blogspot feed) to RSS feed. It additionally has several features to spice up your feed including tracking feed usage and advertising.