Checkout Feedity (shameless plug ;) - http://feedity.com with Yahoo Pipes or FilterMyRss.com
http://www.filtermyrss.com looks much more to my liking, although it's a bit low on features. My feeling is that it's about a 10 line perl script: fetch xml with LWP, apply regex, print.
I've actually been looking for something like feedity, but I need control over the code, since I'd want to use it for sites that require authentication. However, my feeling's that this one's about a 20 line perl script with LWP and Algorithm::Diff, so it's not a big deal.
Maybe I'll combine them into a 30 line perl script and get rich!