I am pretty sure this is new:

Once you have reached the end of your item list it now says: "No more items" and offers you to go back "Home" or to "All items"

Still, it does not seem to automatically refresh when new items are in the pipe.

Yeah, you are right, the links are new.

Yes it's new, and it doesn't automaticall refresh, it even shows already-read items :-/

Official Blog entry, including Gmail integration with the GReader
http://googlereader.blogspot.com/2007/05/there-are-people-who-dont-use-feed.html