Sure there's third-party applications that will let you view your RSS feeds from Google's Reader web app, but many apps are either feature-lacking or ad supported. The mobile version has long been stripped of its desktop-version counterparts, but Google is changing that.
The mobile version of Google Reader has undergone some user interface changes that adds some much needed features, like magic-ranking and search. These new items can be found in a handy drop-down menu in the mobile web application.
In addition, the title links of the items in a feed are links to the original post -- something the desktop version has had for a while. Google notes on its blog that these items mean, "there's always a consistent space for your thumb to hit so you can advance to the next item."
You can access Google Reader mobile by going to m.google.com/reader
