FeedDemon is a news aggregator currently in beta, designed by Nick Bradbury, noted creator of HomeSite. The app is very robust with real improvements on most news aggregator UI's I've seen or used.

The ease of channel aquisition as well as the vast categorized 'included feeds' make for a pleasant initial run. According to the FeedDemon site, the aggregator will be in beta through August, with a planned release date in early September. The only pitfall I have found, connection failures, may not even be a problem with the app itself, but merely a symptom of my pitifully slow internet connection...