Certainly worth keeping an eye on but some questions that immediately spring to mind:
- It gathers feeds when you want them, not every hour like bloglines - if it gets popular that'd be a big bandwidth/load balance concern im guessing.
- Where's the biz model?
Im not sure if this is just "someones site" or a funded project but it does look like it has potential and i love the way you can simply get all your feeds in order but mixed.. er what i mean is, i subscribed to the threadwatch feed and the library stuff feed and all the stories came up at once but in timestamped order - neat. You can also get them individually.