RSS Bandit is an excellent free RSS reader and synchronizer for Windows. Some of the features are:

1) Subscribe to RSS feeds
2) Connect to any public NNTP server like Microsoft newsgroups. You can even create and reply to posts
3) Synchronize feeds with an online server such as WebDAV, FTP or a file share on your local network. The data is transfered in a ZIP file containing information about the current state of search folders, flagged items, replied items, subscribed feeds and read/unread messages. Very good feature if you check your feeds from multiple computers.
4) This is the best. Synchronize with your free online Newsgator account. [Both Newsgator Outlook edition and FeedDemoon are for subcribers only)

To configure RSS Bandit to sync with your Newsgator account:

a) Go to Tools—>Options—>Remote Storage
b) Check USe Remote Storage and in the drop down below choose Newsgator Online
c) Enter your Newsgator credentials, apply and okay.
d) Click on Download feeds to download the OPML feedlist into RSS Bandit

5) GZip encoding and HTTP conditional GET to reduce bandwidth and save time- another important feature
6) Drag and Drop the XML button from a website on to RSS Bandit to add the site’s feed automatically.

Overall a great software.

RSS Bandit feature list

RSS Bandit Homepage