First of all, the online feed managment is a PITA... it was a royal pain trying to get my 150+ feeds into the folders I like to have them in. It also didn't seem to sync correctly, but I didn't give it much of a chance beacuse the online feed management just drove me crazy. I also remembered how frustrated I'd get when I would have to manually categorize my feeds into the folders... and when you read blogs between two machines, that's a PAIN to setup. So, I'm back to Omea Reader 1.0.1 which isn't perfect, but pretty damn close.
Oh, looks like Angus is doing the same "Search for the holy [RSS] Grail".