Introducing Home
newsroom.fb.com
newsroom.fb.com
The home screen at the moment is very similar to how the first facebook app worked. It presented you with a grid of icons to choose from before you could interact with content. The switch to news feed first worked well there and I don't see why the same logic shouldn't work with the entire phone just as well.
Though seeing as facebook is only a small subset of my sources of interesting information, I could see this bringing to the table competing home screen 'apps' that incorporate more from your world than just the apps that facebook own.
I'm already thinking about switching to Android after years of being an iphone user, not for this app specifically but for what its functionality tells me about the Android OS.