There are thousands of blogs listed within 500 categories. A summary of the latest news is displayed and when you select the article you are taken to the original source blog.
Have a look at the video below to see the application in action:
Regator is free to download though a premium version with more features is being released in the future.
I have an Android phone but I also have an Apple Touch mp3 player so was able to try it the application out. It works pretty well though this application should not be considered as a replacement for your RSS newsreader as you cannot define what blogs are your favourites, add new blogs or personalise it in any way (though you can apparently do this in the premium version). Also, you cannot view blog posts in full, you can only view excerpts.
However, it is a quick and easy way to view the latest news from thousands of popular blogs and in that respect, it is a very useful application. Worth trying out if you have an iPhone.
Link : Regator iPhone Application (application requires 383 kb of space)