I love it. It hasn't even been out for 24 hours and it's already my most frequently used app. I find the scrolling to be more efficient than the Flipboard-style flipping. They have a pretty comprehensive list of news sources already and I'm sure there's more to come.
Not sure why a couple of you say that News articles can't be organized by topics. I have "Apple, Inc", "Business", "Design", "Finance", "Gadgets", "Health", "Movies", "Science", and "Technology" all as topics I've picked. When I go into any of them, the articles titles are listed with source logos cleanly displayed underneath as a tag line.
I like the very different display formats that they use for the iPad vs the iPhone. Flipbook's iPhone format is "prettier" looking with photo headers, but I can only see one article preview at a time. The News format on the iPhone is a bit more spartan looking with mostly text, but it's more efficient. I can quickly peruse far more articles in one glance or a few small swipes.