The Links are neatly arranged into a drop down box (see image). This element looks good especially when the background is white. Another plus is that both RSS and Atom feeds are available.
For the counter side, Blogger has just added a few online readers in this element. Even the most popular Desktop Feed Readers and missing. Meanwhile, FeedBurner gives a wide range of options which includes both online and Desktop feed readers. Also this element cannot be customised i.e. you cannot select the readers of your choice. Only thing that can be modified is the title (which is ' Subscribe to ' here). The New element also showed problems when placed towards the end of the page.
So the new Element holds good for those blogs without a FeedBurner Link. But for those blogs that already features FeedBurner, there is no point in shifting to this.