I have just uploaded to the librie groups file area, a rough program which I have written in an effort to replace the NewsPaper app which was provided by Sony. Really didn't like the way it was working. Perhaps it was because I didn't really understand it. But more importantly, the app wasn't really using the RSS data in a useful way which kinda defeats the purpose of RSS.
Anyway, since I thought the program was quite usable, (Works most of the time.) maybe some other brave soul might want to try it too. Just unzip the files into your favourite directory and run the exe.
The program when simply used just extracts data from the .rss or .rdf files which it downloads and converts the result into a .lrf. You can also configure each feed to not just extract the data but also follow the link in each item and extract data between content tags in the target HTML file. I've included a sample feed (to IHT) to demonstrate how this works. You'll need to hit "Edit Feed" to access the additional features after adding the feed.
Hit "Make Book" cross your fingers and pray it works!