Eh, I have 120+ feeds, roughly 70 of those are from gaming sites. They range from developer blogs to the latest free indie game downloads. That's just my obsessive desire to try and learn everything that's going on in the industry, so no need to go that overkill unless you have a reason for it.
I suggest picking one major gaming site (GameSpot, 1UP, IGN etc.)and one major gaming blog (Destructoid, Kotaku, Joystiq etc.) for your gaming news. Also, get the GameTrailers RSS feed so you can see a list of all the latest videos, I find this feed very useful for keeping track of such things.
I'll give you some examples of mine just to get you started. Since I dabble in Warhammer, I'm subscribed to Librarium Online's RSS feed, which surprisingly, doesn't get updated all too ofte. I'm also subscribed to some Lego blogs which showcase the latest mecha designs made from Lego, some of them are incredible. I also like to subscribe to my friends' blogs, whether they be on Blogger, LiveJournal or WordPress, because it lets me keep up with them without having to remember to visit their sites.