There's a new (beta) version of the Google Reader for iPhone out, and it's still one of the most important iPhone apps for any RSS junkie such as myself. You can try it out by pointing your iPhone here: www.google.com/reader/i/.
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Robert Scoble points out, however, that many of the social features are missing: you can't share items from the top level, you cannot add notes, and you cannot see your friends. I don't lack these while I'm on the go, and I suspect most people won't; also, the last complaint isn't entirely valid, as explained by Google Reader Engineer Mihai Parparita: you can see items from your friends when you click on "Feeds" and choose the "Friends' shared items."