This is just my opinion, but I almost always NEED allow_url_fopen on, however, I NEVER need, desire, or want register globals on. If I were you, I'd be more concerned about that requirement. Basically, it appears that what they're having you do is exactly why those commands have warnings: remote code can be executed on your server... code that
they feed you. Now, I don't know anything about that company, but I sure in the world would never want to allow someone to be able to execute code on my server. URL Fopen is great for being able to pull non-executed files from remote servers for parsing, but becomes very dangerous when you allow the executing of that code (e.g. using
include for the remote file instead of something like file_get_contents [to read the whole file into a variable]).
Now, this company (however great they may be) is not only executing code on your system, but has the security design flaw of requiring register globals ON. This means that all post, get, session, etc. variables are treated as the same. Have a session variable like $allow_root_access? Well, using
http://yoururl.com/?allow_root_access=1 will overwrite that value (without some protective measures added)!!
My first take, and, again, I don't know this company, would be to go with someone with better security protocols in mind as there are plenty of ways to transmit RSS feeds around the net.