This project will provide a simple but extensible API for aggregation that ships in a configuration that covers the most common use case of aggregating feeds as nodes on a web site.
The planned architecture layout can be found here: http://feedapi.novaak.net/design.png
The result of my work will be a patch against the actual Drupal 7 which is ready-to-use and ready to be committed.
The outline of the project: http://groups.drupal.org/node/12772
A patch against HEAD aggregator: http://drupal.org/node/236237#comment-923418 (it's based on this project entirely)