2. I really depend on the RSS icon in the address bar.
Update: There's an interesting Hacker News thread on this topic.
Update: Les Orchard shows how to find feeds in the new version.
1. We'll lose at least a few people in this transition. They won't know about this process, or will find it confusing, or more likely they'll be busy doing something else when they notice that none of the pages they visit appear to have feeds (that's how the change will first register with most users). I'm one of those people who doesn't think about the browser. It's like a window. I use a browser to take me places. It is not, itself, a place.
An analogy. Suppose one day the architect of Anytown USA decides there is a better way to display addresses on houses. The city would remove the address from the front door of each house, and instead write it on the sidewalk under the doormat on the side-door entrance. However if you wanted to see the new address, you'd have to get minor eye surgery. It isn't expensive, or dangerous, but it is a hassle. Now of course most people never need to look at the addresses on houses, the architect reasons, so we can reduce clutter by moving the addresses out of the way for most users who don't need them.
3. While you guys are fixing things, could you change the language in the menu from Subscribe to This Page, to something shorter and more accurate -- Feeds. When I choose one of the commands in the sub-menu it does not subscribe to the feed, it shows me the feed (unless the functionality has changed).