FlipBoard is a popular free application that can create a beautiful magazine out of one's social media updates (Twitter, Facebook and Google Reader). It aggregates the linked page summary, grabs its images and other media and compiles a magazine-like overview of your friends' social updates. It captures both tweeted links and raw "unlinked" updates.
Zite
Zite is a newcomer. It is also sometimes criticized for bad performance but it's a normal thing with newly emerged tools and apps.
The most interesting part about the app (and also what it is being distinguished from a more established competitor) is that Zite is advertised to "personalize" your news. It will be tracking the news you are reading and liking and offer you more "of the kind": the sources you prefer, whether you like longer articles or shorter ones, or whether you prefer news or opinion content. You can help the app by thumbing article up or down inside the app (as well as share them on Twitter, Facebook or sharing via email).
In closing, both the apps do look and feel appealing. They both give your social media updates the "second life" and let you get better involved into your social media friends' activities. However the two apps are hardlycompetitors.
Zite and Flipboard can not be actually compared. They can only be used for different purposes. Zite is best fordiscovery whereas Flipboard is best for keeping up with your social media contacts' news. I am currently using both and don't see myself switching to one!
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