Google has just launched its beta RSS reader. An online tool like Bloglines, it imports OPML lists of your RSS feeds from your existing readers and seems to display full text feeds in an AJAX browser. There's filtering and search as well (which is what you'd expect from the folk at Google).
You will need a Google account to use it. Not surprising, as it stores subscription information.
I'll be playing with it over the next few days - once I've persuaded it to import my blogroll...
Update: This is looking very interesting, with keyboard controls and a "lens" UI for the reader.