Summly (http://thenextweb.com/apps/2011/12/17/meet-the-16-year-old-w...) does exactly this... It was created by a 16-year-old and generated tons of press, getting VC funding and all...
It's worth noting that the app website is down and it's not available on the App Store anymore; however, according to their Twitter feed, a new version is supposed to be released soon...