I think the WordPress RSS Feed Widget plugin by Fahad Mahmood is a welcome addition for any site wanting to display external content. You can see it in action here to the left where it is pulling news content from The Site Hosting Co.
Feature options include setting the number of posts, display of titles, text and images, styling and widget size. There are also options to set caching and censorship of your itemized “bad words”.
Give RSS Feed Widget a go. Oh yeah, it’s free!