Like the desktop version NetNewsWire for iPhone (iTunes link) syncs with the Newsgator servers for your subscription list, clippings, and read/unread status. And like the desktop version it's free. However, if you're like me you're not going to want your entire feed list on your iPhone. Fortunately, there is a way to use a desktop browser interface on Newsgator.com to select only a subset of your feeds to appear on your iPhone. Brent explains how to set this up at his site.
Check out this gallery for a a quick tour of this great mobile version of NetNewsWire.