Gut reaction review if anyone is interested - I moved FB off my home screen and moved Paper onto it. It's just Facebook with a better design and none of the features I never use. It has notifications, posting, stories, etc. It's great.
Personally, I don't have the Facebook app on my phone. The only FB app I use regularly is Messenger, which works well because everyone I know is on it. I also use Facebook for finding reading material and following the News, and so Paper looks really nice and I'm eagerly anticipating its arrival on Android.
A lot of people deride Facebook for over-complicating their app strategy, but I really don't see the problem. Facebook is allowing users pick and choose the functions that matter to them. I wish other companies would take this approach.