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Many Android apps install widgets for use on the home screen, and the Flipboard widget is a great way to keep up with what is important to you.
It can be set to automatically refresh at a specified interval or set to manual refresh by tapping the icon on the widget.
There are many whimsical skins available for Beautiful Widgets such as this Blackboard skin used on both the clock and weather widgets.
The Friendcaster app is a Facebook app replacement that takes good advantage of the big Nexus 7 screen. It installs a widget that works nicely for keeping up with Facebook friends on the home screen.