Let’s see the various ways in which you can utilize the new functionality:

1. Bookmarking:  The primary functionality of the “Note  In Reader” bookmarklet is the ability to bookmark and bring the link for any page to Google Reader and not just those which have an RSS feed.  So, you can use it like deli.icio.us with a better search engine.

2. Sharing Items With Notes:  Now you can share the items that you are reading from within the Google Reader or clipping through bookmarklet with a note about the page.  The “Note in Reader” bookmarklet even detects the text selected on the page and use it as the note item to save the effort of typing.

3. Notes Sharing:  This one is really big though have been toned by Google.  Now you can take notes in Google Reader and share it with your friends.  The functionality has a stark resemblance with that of Twitter as this is what one normally do using Twitter.

Just look at the Google Reader Shared Items widget which can be put up on the web page and show the items that people share in Google  Reader.  When people start sharing their notes the widget will also show them much like the Twitter widget and the items can also be made to reflect on RSSMeme and ReadBurner.

If Google makes this note sharing functionality generic and independent of Google Reader, you can surely assume that Twitter’s end is nearing.