Feedly is described as “a more social and magazine-like start page.”
Feedly taps into RSS aggregators like Bloglines and Google Reader and socially-oriented sites like Friendfeed and Twitter. The end result is a tight grasp on information overload. Loads of information from feeds you subscribe to and other services you interact with are all funneled into one nicely designed start page.
Feedly is a pretty interesting when used as a startpage rather than Google or another aggregation service. As Paul states, it offers a tight integration of various services into a useful startpage/homepage environment that can be somewhat tailored to your needs.