sebNews is a very good RSS reader for your iPhone and iPod Touch. Feed items are very well organized by either the specific feeds or just unread feeds. Then when you start reading through them you get a nice view of the titles separated by the publish date.
The only downside to this application(other than it not being free) is that you can’t import your RSS feeds. You can use your bookmarks to pull the RSS feeds. . .but not with an OPML file. However, when you do add the feeds, you are able to set the name of the feed. I like this because some of the default names for RSS feeds are not the best.
When browsing you can read the first paragraph of the item and do 1 of 2 things. You can either load the page in MobileSafari or you can use the Web Preview feature. I like this web preview feature because I don’t want to have to wait for the application to close. . .then wait for MobileSafari to open and load the page. . .then have to close MobileSafari and re-open sebNews and find the spot you were just at.