It's a pretty neat way to combine all of your internet stuff into one handy feed to share with all of your e-friends (and easily comment on same).
Brought to you by a few dudes who made some really cool stuff at Google.
I just started fooling around with it, and so far so good.
I think it's still in development to some extent, since there's no advertising banners yet.
Some of the features take a little bit of learning -- they're not as intuitively presented as they could be (like how to permalink to a particular content, which you'd think would be obviously simple), but once you get the hang of it, you quickly see the benefits of FriendFeed.
http://friendfeed.com/about/tools
For instance, one option allows you to connect in "real-time" so that you get your feed items fed to you like IM pings.
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(Still In Progress)
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