I ran into FeedonFeeds (FoF), a php based server side RSS and ATOM aggregator. I have an example running at Blogs I Read.
I was thinking that since this is php, it could be integrated into WP, and then we could have a page on the WP blogs that reads like the friends' page on LiveJournal, for example, my LJ friends' page.
I wish I knew how to code in php, but right now it will take me a long time to come up to speed, but these things could be improved in FoF, when it is integrated into WP.
1. Require a password to add/edit/mark-as-read entries/blogs.
2. Have a set of Links in a WP blog automatically "added" to the the FoF page.
I would love it if someone could make this very useful and promising aggregator a hack for WP.