Feevy offering is not something new, we have seen quite a lot of the idea, but as the web 2.0 has made us learn, is all about execution and the design sporting that execution, and that is what makes Feevy a good thing in the very saturated niche of Feed related widgets.
Feevy main idea is that regular Blogrolls are boring and don`t have as good results as they could have if they were well designed, so they have created a Sidebar Script based widget where you can sport your preferred blogs in a sequence of pleasant to look badges, you can add up to 9 slots in your sidebar widget, and they will be changing as any of the blogs in the sidebar updates, it allows you to have an icon, excerpt and a link to the post and the blog in the badge, you can customize in two colors or a liquid css version that will mirror the look of your blog and you can also syndicate your feevy blogroll for anyone to see in Feevy Site.
The widget is of course intended as a blog only widget, and it offers more options and convenience for WordPress users by having a proper plugin and that it was designed thinking in that platform first or so it seems.
Feevy is a project from Las indias Electronicas, a Spanish org/company and they also offer the code for feevy to anyone that wants to create their feevy service on their own
I see feevy as something more valuable to either small Blogs, Team blogs or Small Blog networks than anything else, the execution is still good and it deserves a try.
you can check how a full fledged Feevy sidebar looks in their Blog