Here’s a quick summary of what’s changed:
A new Subscribe button, allowing you to follow people you aren’t friends with, plus filter the amount of information you get from current friends.
Improved friends lists - easier way to group people into lists, including via semi-automated “smart lists.”
A News Ticker that streams a constant flow of user updates in a sidebar (on top of your chat bar).
A newspaper-like relevancy filter for your Facebook homepage.
Instant sharing of what you read, listen to and watch.
A new Timeline profile (a colorful history of you and your “life events”).

From: http://ping.fm/TafUY