RSS Probe is a fast and simple feed reader with the handy social features such as updating Twitter and creating notes for Evernote.
It is also the framework application of ITmedia, one of the most popular news readers in Japanese App Store.
With its iPhone savvy user interface, you can quickly browse multiple feeds.
The text contents are locally cached for offline browsing on the subway etc.
Plus you don't need to open Safari browser to see the original article or any linked Web page as it will be displayed within the in-app Web viewer.
(Note this application would not assume fetching unlimited number of feeds like Google Reader. See the specifications for details.)

You can easily add your favorite feeds by importing the OPML file. In the importing process, just pick up any feed you want to subscribe with this application. (To import your OPML file, it needs to be uploaded to, or stored on the Internet in advance.)

Specifications:
- Unread count can be displayed on Home screen
- The maximum number of feeds: 20
- The maximum number of entries per feed: 25