I have been using it for a few weeks now and here are my thoughts on it.
From the vertical-only view and lower resolution images, the application was clearly designed for the iPhone only. Using the app on the iPad is awkward because it doesn't make use of the larger screen.
Since there is no offline mode, I'm not entirely sure this is a useful application for the iPod Touch or WiFi-only iPad. Again, DWNLD assume you have a data plan with your iPhone. Since there are plenty of RSS readers out there that will automatically download and cache the data, I hope they add an offline option to a future update.
Interested in checking it out? Head over to itunes.apple.com.