What?
Gazettr indexes articles from blogs, online newspapers and other sources such as password protected feeds at 37 Signals's Basecamp.
If you frequent lots of sites you're most likely aware of the effort and time spent browsing these sites just to see if new stories have been published. A few years ago a new technology came around (RSS) which made it easy for readers of a site to be notified of new stories without having to visit the site every day.
By using a feed reader such as Gazettr you can subscribe to these RSS (and Atom) feeds and read it all in one convenient place.
Features

Password Protected Feeds & OPML Support
Password protected feeds from for instance Basecamp.
When you add a feed with password information the feed will be completely yours (normally feeds are shared at Gazettr). Should you unsubscribe from the feed Gazettr will delete any trace of it.

Folders & Channels
Easily organize your feeds into folders and channels.
A folder holds feeds you want to read religiously. A channel is a more lightweight kind which doesn't track what you've read nor bugs you with an unread counter in the thousands. Channels can be used for feeds you don't or can't keep up with.
Feeds can be in multiple folders/channels at the same time.
Integration With Other Sites
Gazettr integrates with other popular services such as AddThis, Digg and reddit for your convenience.
25% for Nature
Gazettr will donate 25% (twentyfive percent!) of any profit made to organizations working to protect animal life and nature. Profit is determined as what's left after operation costs (hosting costs primarily) have been covered.
Examples of organizations which could receive donations:
Donations, once they happen, will be displayed on the site and will be paid out on a yearly basis.
Future
The major goals of Gazettr are to make news reading as painless as possible and integrate with other services such as del.icio.us for easy bookmarking. The creator of Gazettr has hundreds of feeds he reads and recognizes that you probably want to read your news with just as much ease as he wants.
Gazettr tries to be lean and mean. It packs lots of features but through the use of design concepts clutter and noise is reduced to a minimum. The main focus here is on you reading your articles most efficienty.