I'm an RSS Bandit user. I have been for years -- before I knew it was written by Dare Obasanjo. He and his RSS Bandit team on Sourceforge have been working on it for years. It has one deficiency that I haven't liked: I read feeds on multiple computers and they would get out of sync. Read some at the office and then come home and I have to figure out where I left off in the unread items. But I love RSS Bandit. I've tried a host of other online and offline feed readers including all the big ones and I keep coming back to this simple desktop application.
With Phoenix, the team is working towards eliminating the one thing I haven't liked about the current product: synchronization. They're going to connect to online readers like Google Reader and enable you to synchronize through them.
So far, the alpha has treated me exceptionally well.