Google Reader went though a little tiny redesign. One of the things they changed was their loading graphic. The old one was very cute and had bubbles coming out of a beaker since the reader is still part of google labs.

The new loading graphic is a smaller graphic at the top of the page. But it look a little odd. Reader has a little shading on the top of the page and google just puts a flat color graphic on top.

With just a little added shadow like I show below I think the graphic really blends in to the page better. A small detail like that can really help polish the over all feel of a site. Google has been traditionally good at consistent feel which is why I think this loading graphic really stands out.

Before
After

I really also think the loading graphic is way too close to the drop down box but reader is trying to fit a lot of information on the page and so it might just be a needed trade off for a temporary image.

I assume they changed the graphic in the first place to conform with the company style guide but honestly I like the old loading graphic and I miss it.