The feed page is the page people see if they click on your feed in the follow.it directory. It is located at follow.it/your-feed-name. See for example Techcrunch’s follow page.
The feed page displays the description which you gave to the feed, summarizing the contents & mission of your feed (or website) so that users get an idea what it’s about, so that they decide to follow you.
The feed page is targeted at users who may not know yet what your website / feed is about. For users who already know your website, you may want to direct them to the lean follow page instead.