So I did work on it a little last night:
Feed/Folder context menus
Open Feed Homepage action
New Feed (uses Mark Pilgrim's feedfinder.py, which is awesome)
Some UI fixes (finally figured out how to make a QTreeView's headers look right!)
Some bugfixes in tree traversing (where else ;-)
Implemented "fetch the web page instead of the feed contents" option for feeds (because of your annoying feed, DZone!)
Sadly no visible changes, so a screenshot would be useless.