How to load and use SimplePie 1.3+ with CodeIgniter 2.1+

The famous RSS parser, SimplePie, has changed a few rules in the last couple of versions. The previous methods used to install the library in CodeIgniter are now obsolete. Lets take a look at the new way to get it working in just 5 minutes.
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CodeIgniter lacks of an error handling class for custom errors. The Form Validation class is very nice for forms, the logs are pretty useful as well, but what happens when we need to handle our own errors?. Currently there is no official solution for this so I decided to take the matter in my own hands.
I know its a bit late, CI 2.0 has been out since January 28th, 2011, but lets talk about it anyway and recapitulate some of the new features of this framework. The new stuff is great, and this time I believe it deserves a second look if you are not much into CI. 
CodeIgniter 2.0 is coming out soon, so lets start studying the changes done to the HTML Table Class in the dev-release.