http://www.google.com/reader
I've been Reader for about a week now. Reader is very close to the RSS reader I have been looking for. It takes all items and puts them in the same big bag, so ordering is not forced across sites. It will also hide read items if you like, which is a big help.
You can sort by date and simply have the newest items appear at the top, but I've actually found the relevance sort to be pretty good. I'm not sure yet how it figures out what is relevant, but it does a good job of presenting the items I want to read first. The biggest problem I have had with RSS is all the junk that some sites put in their feeds: blog updates I don't want to read, for the most part. The relevance sort puts all those items out of sight and pulls out the webcomic updates that I really want to read.
I still have not figured out why I would want to star an item. Perhaps to come back to it later, like a bookmark? I would also really like a "preview" view that lets me see the first few lines of text for many items and lets me open the original items in new tabs.