"View feed items" link doesn't work

This must be a recent break, cause it used to work in the version I downloaded one month ago.

This being said, I always wondered why the feed content wasn't displayed on the feed node itself? Why do we have to click 'view feed items' to access them? They should just display on the feed node, IMHO.

It's definitely working on multiple instances I have, and I'm having a little bit of trouble debugging it with the information given. Do you think you could elaborate?
The "view feed items" is simply linking to a views page. If you look in your views, you should have a "feeds" element under the "Default view" list at the bottom with a url of "feeds". In some respects this could cause problems since you could, technically modify the url and the link would therefore be invalid. Does any of this help?

I had this trouble too and had to manually create a view to show the feed items. I thought I was doing something tricky, but I guess that's just how it's supposed to work? Could there be a problem with the view being created for some feeds?

You shouldn't have to manually create a view for this to work. If you have views installed, you should have the default view at the bottom of the page, and things should be working. If you don't have the "feeds" url in the default views, please let me know. If you have it, and it's just not working, let me know that as well. The more information you can give, the better.