I've tried PicoNews, NewsCopier and FeedSpirit (all free readers, unlike Newsclip and FreeNews) and find that PicoNews is the winner. I have nitpicks with all of them, but Pico has the least amount (heh) and I use it daily.
Piconews, News in your mobile phone or PDA!
Pico and FeedSpirit use the server-centric approach, where you manage all your feed subscriptions via a desktop web browser mainly, then sync that to your device. NewsCopier uses a more classic on-device-only approach, just like the built-in RSS reader and the Opera Mini RSS reader.