My favorite mobile news reader
You just got to have your RSS subscriptions with you all the time, don't you? Well, I do, at least I like have them with me. That's why I started to look for a mobile RSS reader sometime last year. At the time I didn't find that many of them out there, but the one that I liked the most was NewsBreak from Iliumsoft.
The first view you get is the list of channels.

You can see how many unread/total posts there are for each channel. Also if you notice some of the icons have the letter i on them. That is channels with unread posts that matches keywords I have defined in the application. When I click a channel I get the post list for that channel.

As you can see there are different icons here to. The blur stars means that the post contains one or more of my defined keywords. Clicking a post title here takes me to, you've guessed it, the post itself.

IMO a very easy to read format. When I am done with the post, I click OK and I am back to the post list for the channel.
The application can import and export OPML, you can categorize the channels, filter out read channels. It has Auto Update, notifications of new items, you can choose to place the data files on your external storage card and more.
Works great for me. Give it a try. There's a 30-day evaluation copy for both Pocket PC and Smartphone.