I've been using NewsClip
interchangeably for the last couple of weeks on my 7130e, and both have excellent features. Of course, both have some usability issues that could be improved, too.
I use NewsGator
Outlook edition as my desktop RSS aggregator. One of the optional account upgrades includes a mobile edition. You can set NewsGator to be viewed on mobile phone browsers (uses HTML--not WML yet). By setting up a mobile URL, you can bookmark the site and your feeds are right there in your browser, up-to-date when you're ready for them.
Like any other application, this method does have its drawbacks. The mobile edition shows only new feeds, so you don't have the option of going back and reading older posts, and you can't rename or otherwise manipulate the feeds. But for simple reading, it works well. Links in the post show up as intended (which is different from NewsClip of FreeNews).
You can also set up an e-mail edition and have your BIS pull the latest posts and send them to your BB as an e-mail message.
Editions are synchronized, so when you read a post in one edition (mobile, for example) it's marked as read in your other editions (Outlook and web, for example). Using the BlackBerry browser, I don't notice that it's any slower than any of the downloadable RSS readers.
NewsGator has a free consumer version, but to get the mobile edition you have to sign up for at least the Consumer Gold, which is $29.95/year. A NewsGator FeedDemon desktop edition is coming soon.
This may not be for everyone, but it is another option for BB users to stay updated with their news/blog reading.