I've been using Google's RSS Reader recently to organise some of the stuff that I regularly look at on the wubbleyou wubbleyou wubbleyou. I'm using Google Reader to manage my subscriptions but exporting the OPML file so that I can use the Newsstand iPhone app to read when I've got a few minutes to spare. It seems to be working well.
I've exported some of my 'blogrolls' over there on the right. I can change what appears on this site by simply changing the tags on the Google Reader app.
I've exported the blogrolls with no title and no formatting so that I can control the look and feel myself by creating drupal blocks for each of the rolls. The only thing that I'm not able to control is the order. It's alphabetical.