The ill-named FreeNews is a mobile RSS reader for phones which support Java. But it’s not free. Read this thorough review from Robin Good, which has a list of other readers, too. Cherish his comment in the “To Improve” section re: FreeNews:
Find a catchier, less common and ambiguous name for the product.
Guess we need to add a mobile-friendly stylesheet to Newsburst at some point. CNET Mobile Feed Reader is an option for those with BREW phones (Verizon customers, coming soon…).