Ok, so here is how this shared item thing works.
By going to a blog you like reading, and adding the web address to your `subscriptions', the `reader' automatically pulls content from those blogs and puts it in one place, in my case at www.google.com/reader.
The stuff I like, I can star or share. Star means I can come back to posts I enjoyed, share means I can make them available for others to read.
If you click on `read more' under my shared items on the right of my blog, it will take you to what looks exactly like a blog, except it isn't my posts, it is the posts I have read and find interesting.
Well... it may be my posts, if I particularly like a post I have written and want to add it there.
I think this is a great idea. There is so much stuff out there, the more filters we create, and the more we help each other find the gems out there the better.