While Reeder for iPhone has supported Google Reader and Fever for a while, an update to version 3.1 has added two new options: Feedbin and local RSS. For the unfamiliar, Feedbin is a $2/month (or $20/year) service that essentially duplicates the features of Google Reader, though its web interface is far better. Feeds fed into Reeder from Feedbin look and act exactly as they do from Google Reader, so if you're looking to make the switch there won't be much of a learning curve on your iPhone.
Reeder for iPhone 3.1 also now offers the ability to dive directly into RSS feeds. Essentially, RSS in Reeder is handled like another account, down to the ability to add individual feeds just as you would with Google Reader in Reeder. There's just one hitch in the RSS wagon: there's no syncing support right now. It is, as the app describes, "still a work in progress". Apart from the feed source updates, Reeder for iPhone 3.1 also adds support for pull-to-refresh.
Reeder for iPhone is still $2.99, while the 2.0 versions of Reeder for Mac and iPad are available for free until they get similar updates to enable non-Google account syncing.