I snatched Read it Later Pro last month during the Christmas promos on the Market. There's also a free version as well, if you want to try it without paying. You can easily download the entries from Google Reader -- select "Share" and then choose "Add to Read it Later" from Google Reader. It will then snatch the whole webpage and even apply some formatting to make it easy to read. I don't think you can do this automatically for all your feeds though -- you will have to do it separately one by one for each item.
However, if you install the Read it Later addon for Firefox on your desktop computer (not sure if there's one for Chrome), you can quickly mark all the entries you are interested in (there's a special bookmark icon in Google Reader's web interface), and they will appear later on your device when you refresh your reading list.
Additionally, there's an option in Reader to synchronize your frequently read feeds for every hour offline access, but I haven't used this in particular. There doesn't seem to be an option to control when feeds are downloaded, and which ones in particular.