Pulse News is the single greatest RSS Reader app available for Android. Of course you could use the Google Reader app, but it does not have the same appeal. Besides you can import your Google Reader feeds into Pulse News.
Each feed is separated into rows and shows the latest items on each. If there is a thumbnail available it will be displayed with the title of the post on top of it.
If widgets are your thing, then you will be happy to learn that Pulse News features a large and small widget that will show a single feed on your desktop.
Go ahead and give it a download.
Download: Android Market