Some of the design is documented here https://www.facebook.com/notes/facebook-engineering/bigpipe-...
Facebook has done a TON of optimization. The fundamental issue is that Facebook is not a webpage, it's a full application. And the Web as an application platform lags behind native platforms with respect to startup performance.
I explained why Facebook.com is really an app in this comment https://news.ycombinator.com/item?id=14912393
Now compare the functionality of the Facebook Android app vs Facebook desktop webpage (nearly identical) and look at their respective installed sizes (~7MB vs ~180MB).
This proposal will benefit both web apps and web documents. And more importantly, it will allow people to build richer, more sophisticated applications on the web without sweating over extra kilobytes in their JS code size.