It presents Facebook, Twitter and other stuff as a magazine feed which makes it so much easier to read. Also makes it very easy to get to the original story. Still hampered by the iPads lack of support for Flash when the obect is a Flash video or game though.
The title screen rotates photos from your feeds:
The contents page gives you a summary of your feeds and again rotates the stories:
Here's an example Facebook page:
Here's an example Twitter page: