Jester, that is really an excellent question because there is unlimited numbers of ways you can use a sponsors RSS feed and I guess this post should move me to write a RSS tutorial. Soon, I promise.
Building an auto-updating blog is one of the possibilities. Finding hosted feeds that are really blog quality is a difficult feat in itself but the advice about blog automater is right on.
You can also build feed directories and social bookmark sites, although you would probably need to spend some time researching RSS formats before attempting either. (or read the promised RSS tutorial when I get the time to write it) The scripts for these follow the mainstream approach to how an RSS feed should be structured and don't always give the desired results when using adult feeds.
You can also add information from a sponsors feed to any website page. Lets say you have a hub with a Raven Riley page. I know Jayman Cash has a RSS feed for all the tour updates. You could build your page around the most recent feed item to show your visitor what the most recent update was as well as having links to freesites / galleries that you have built or are hosted.
If you sponsor offers FHG feeds, you could use those to update pages on your site as well.
Basicly, once you learn the ins and outs of RSS, you can use it to help keep fresh content on your websites or create websites completely from RSS.
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