I believe RSS (Really Simple Syndication) is one of those technologies many people see, but few know how to use. The beauty of this technology is that you don't need to understand it, you can just start using it. Google Reader is the first free, web-based RSS reader I know of. You can sign in with your Google account and add RSS subscriptions.

This is where all those RSS links you see on websites come in to play. For example, the RSS Feed link on the home page of this site is for ctrl+clicking (right-clicking) only. You copy that link and paste it into the Add Subscription field in Google Reader. This can be done with any website that has an RSS feed available.
So why do this? The benefit is that you don't have to scour the web for new content. All of this content will come to you in Reader. As you can see on the left, I've added the RSS feeds of several websites, so I get all the latest updates without bouncing around from site to site.
The only hang-up I have with this application is the same one I have with Gmail and everything else Google Makes (except Picasa): fabulous functionality with clunky presentation. I do like the blue RSS icon overlay they made, but everything else has that goofy Google look to it. I am pleased to see they have folder functionality with Reader. I continue to hope that this feature will be added to Gmail's labelling system.
This application has made it into my Bookmark Toolbar, which is a rather high honor. A fringe benefit is that you can delete many of your favorites because Reader will link to those sites for you. Pulling in parts of the web to one place is a tremendous convenience. Give Reader a try and add my RSS feed while you're at it. Your subscriptions will be available on any computer anywhere in the world.

Thank you very much for such detailed explanation!!! To tell the truth, I've wanted to find out about this device long ago!!! :)
Clifton, I've made it easier for people to add your feed to Google Reader.
Or, if that doesn't work for you, on your own blog or site you can create your own feed link/button to add your site to Google Reader.
Newshutch is another online RSS reader. I'm giving it a try right now. I've used Google Reader in the past, and liked it. I'm not sure which one I'm going to stick with. Newshutch is very simple, clean and easy to use. Maybe better for those who are new to RSS.
Hmm, do you have a spam filter that ate my comment on this post?
I was saying that there have been online readers before this one. I used Bloglines before I used Google Reader. I stopped using Google Reader though because you couldn't do much, you couldn't really sort feeds or see which ones were updated. It has greatly improved since then. If I were looking for an on-line aggregator I would definitely use Google Reader now.