You can do the same thing with this:
Code:
require_once 'XML/RSS.php';
$rss =& new XML_RSS('http://some.blog.site/rss');
$rss->parse();
$item =& array_slice($rss->getItems(), 0, 1);
echo "<a href=\"{$item['link']}\" target=\"blank\">{$item['title']}</a>";
Just simple and sweet (Requires PEAR XML_RSS libs though).