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"Chat Heads" are a major new feature of Facebook Home. Photos of friends who are communicating with you be moved around the screen. Answer them and when you are done, just throw them away at the bottom. Chat Heads work with both text messages and chat messaging.
When you turn on your phone, you'll see content from your feed or "coverfeed." It will automatically slide from story to story.
You can see link shares and status updates. Text from the status stories sit above a cover photo. Of course Facebook doesn't forget "Likes." A big symbol will pop up to show you liked something.