FreeNews is an excellent feed (RSS, Atom) reader for virually any java-enabled mobile phone. I use it in my Nokia 9300. All you need is a GPRS subscription. The application, however, is not free despite its name. You pay $20 for a one-year subscription.
MobHappy mobile blog has signed an agreement with FreeNews to release a free FreeNews application having a pre-installed collection of Feeds that you cannot edit or add over. Check out the webpage for the list of the feeds. Interesting collection indeed; BBC and Reuters, plus many gadget and phone feeds, and a fun blog feed called 'Boing Boing'.
Go to this URL in your 'phone' web browser to download and install the JAR file: