Not exactly... RSS Feed readers got every single article and item 'published' by the sources you subscribed to. With Google Now, you only get some highlights from recent searches, visits, and topics you've looked for recently (if enabled, even e-mails!). So with an RSS Feed, you get all-you-can-eat from all the places you choose, but with Google Now, the skimming and selection is done for you and you are only presented with a 'curated meal' of information.
Flipboard would be closer to RSS Feeds with a 'touch' of curating.