If you are asking, that tells me you don't subscribe to feeds yourself. I have an entire page on my.yahoo simply listing all of my feeds that I subscribe too. I order them in the most frequently updated. If you a professional in anything, it is a great way to scan for new information from your favorite sources. I read them, and click on them, and also click on some of the links.
Yes! Don't create a blog without one... Originally they were created to be saved and used on people's browsers... but now they are being used for mash-up services likes Yahoo Pipes too... RSS is going to be coming into play more and more in the future...
I display news on my site through rss it updates every hour it is awesome check it out at www dot shnizzy dot com I display yahoo news great content updates itself i never have to do a thing.