It uses the blog's RSS feed, so it's easy to implement, but from a blogger's perspective you loose are your custom content from your header, sidebars and footer.
Some bloggers are prepared for this by placing additional content, like follow back links or ads, at the footer of each individual blog post.
Here are the details.
All about Dynamic Views for Readers:
Blogger currently offers five dynamic views for its public blogs. These views are only accessible if allowed for by the blog author.Try these new viewing options out on this blog:
Flipcard: available at [blogURL]/view/flipcard
Mosaic: available at [blogURL]/view/mosaic
Sidebar: available at [blogURL]/view/sidebar
Snapshot: available at [blogURL]/view/snapshot
Timeslide: available at [blogURL]/view/timeslide
Flipcard: available at http://offonatangent.blogspot.com/view/flipcard
Timeslide: available at http://offonatangent.blogspot.com/view/timeslide
Mosaic: available at http://offonatangent.blogspot.com/view/mosaic
Sidebar: available at http://offonatangent.blogspot.com/view/sidebar
Snapshot: available at http://offonatangent.blogspot.com/view/snapshot
These views require modern browsers such as Internet Explorer 8+, Firefox 3.5+, Chrome or Safari. Many elements of these views will not work should you have an older browser.
How to set it up on your Blogger blog, All about Dynamic Views for Authors.
Halley doesn't buy it.