Dave Winer posted a pointer to an RSS reader developer struggling with the best way to present feeds to users. Dave points out (rightly so) that he has been suggesting a 'River of News' layout for some time (like 3 years). And Dave is mostly right- 'River of News' is a great way to read. A web page has a form factor that is simply superior to most alternatives- it is a flowing layout with large fonts, images, and scrolling behavior that works for users. It is like reading a web page, which is a pretty awesome experience.
This works pretty well. The problem I see with the 'River of News' is that it pays no mind to what you've read and what you haven't read. For some feeds, this isn't really much of a problem- if I miss a post from Engadget, not a big deal. I do have feeds, however, that provide extremely valuable information (how about search feeds about the product that I work on, search feeds for our competitors, or my feed from our support forum). I care a lot that I read each of the posts and that I don't miss any. So what I want is a 'River of News' that maintains read / unread state- it provides the reading experience of a web page, but is mindful of making sure that I see new things and don't see old things.
That's why I love the Onfolio newspaper view- its designed to deliver on the 'River of News' but preserve my read state so I don't miss anything. Maybe the river needs a little updating after 3 years?