As of the latest update (2.4), NewsRack is now a universal app. This means that it will run on both iPhone/iPod touch and iPad in full resolution with no pixels doubled. If you already have NewsRack and get an iPad in addition to your iPhone, you can use the same app on your new device without paying again.
NewsRack on iPad should feel familiar if you used Apple’s included Mail app before. In landscape view, you’ll see your lists of feeds and articles on the left and a big reading view with iPad-optimized layout on the right. When you rotate the device to portrait, you’ll have a full-screen reading view with the list always available in a popover. I hope you enjoy reading your feeds on this new category of computer.