Many people are afraid that BlogLines will get evil, commercial or both and they will lose one of the most handy tools ever. Feed on feeds is supposed to solve the problem by providing all the functionality in a free package. One can download the tarball and install it on own server. Since it is written in PHP with Mysql backend it is extremely easy to modify and enhance. It is still a bit rough around the edges, but it will quickly get there, I am sure.
Discovered via this post.