This would function in a very similar way to the free Telegraph application in the iTunes store ([url removed, login to view];mt=8).
It would provide hierarchical navigation to a number of RSS feeds. [NOTE: the number of levels in the hierarchy is potentially greater than in the Telegraph application.] Each page of the navigation hierarchy would be scrollable if all the items don't fit on the screen.
When the RSS feed is selected, the appropriate feed would be downloaded from the Internet and displayed including optional pictures.
When an item in the RSS feed is selected, the linked HTML page would be downloaded and displayed. Within this page it would be possible to increase/decrease the font size and email the link to the current HTML page.
Unlike the Telegraph application there would be a link to an about page from all pages with the possible exception of the item display page.
The about page would contain a graphic, some text and a link to a website.
Ideally this application (or at least the item display) would be able to work in both portrait and landscape mode.