RSS technology has been implemented to almost any sites that are built with CMS nowadays. RSS is a simple XML-based system that allows users to subscribe to their favorite websites. Using RSS, webmasters can put their content into a standardized format, which can be viewed and organized through RSS-aware software or automatically conveyed as new content on another website.
RSS Feeds provide webmasters and content providers an avenue to provide concise summaries to prospective readers . RSS feeds are composed in XML, which is a very simple markup language. Similar to HTML, XML uses tags to identify fields. Webmasters can easily parse the RSS feed and dynamically create web pages that contain headlines and summaries. The feeds will continuously update, supplying a steady stream of automatically generated fresh content.(Wikipedia)
A good example of site that using RSS feeds as the content can be found here.
RSS feeds have a lot of benefits whether to the bloggers, readers, or webmasters.
Benefit to the bloggers (like me): Subscribing feeds from a lot of blogs will get me the idea to post new information for you all. When the site e.g Yahoo News is updated, I will immidietly get the update through RSS feed aggregator such as Mozilla Thunderbird which will also inform me of new e-mail. This trick work great if you plan to get your website into the frontpage of Social Bookmarking sites such as Digg.com by submitting the latest news.
Benefit to webmasters:
Using RSS feeds, you can provide fresh and relevant content on your websites, which encourages users to return. Consistantly updating website with new content means that search engine spiders will visit your websites more frequently. Thus, your websites will get better search engine ranking for a search terms.
Benefit to reader:
If you hate looking at spam, ads, or pop-up, you can use RSS feed aggregator to get the latest content of the website. This will also minimize the time that you have to spend online. How to get started with RSS feeds are explained with details in this tutorial.
Reommended RSS Feeds aggregators to try
Feed Reader - http://www.feedreader.com/
Sharp Reader - http://www.sharpreader.net/
Pluck - http://www.pluck.com/
EffNews - http://www.effbot.org/
Thunderbird - http://www.mozilla.com/thunderbird/releases/1.5.html