Microsoft's Team RSS is asking for input on a strategies for an icon identifying RSS feeds on a site. Dave Winer has responded with a thumbs down saying "Use the white on orange XML icon and stop re-inventing.". Unfortunately, as I have indicated in the past, the orange XML icon is totally confusing, it doesn't seem to relate to anything obvious(at least that is the reaction I have seen from the non initiated). Now I think is the time to change both the visual indicator and probably the action that happens when you click on the icon. A standardized mechanism to subscribe to the feed in your aggregator or reader of choice should be the result of clicking on the icon.
Personally I don't like any of the proposed icons either. I think the white on orange with RSS instead of XML would work well. It would preserve a lot of the original identity and spirit, but would clearly indicate an RSS feed and allow for the difference in operation as well.