When you want to use C# for writing an application for WIndows Mobile, you've got two choices:
- Use .NET Compact Framework (Windows Mobile 5-6)
- Use Silverlight (Windows Phone 7)
Keep in mind that WP7 applications are not backwards compatible and that WM5/6 apps will not work on WP7.
Reading and parsing the data is easy. There are a lot of examples out there to parse either one or several common formats (rss, Atom)
WP7 has built in support.
Further, I don't really understand what you mean with risks and synchronization?
When you're offline you're simply unable to retrieve the data. Besides that there's only one-way synchronization since you can only read feeds and not change.