If the app works as presented, it is possible you can expect it to become a replacement for the current Facebook mobile app. Utilizing a news feed that owes a lot to Flipboard and the ability to post images, stories and statuses directly to your page, the app looks like an idealized version of what your current feed is supposed to be currently providing.
Paper is controlled via gestures, so there is a bit of a learning curve, however the app has a HUD that will pop up to teach you when you start out. Your feed is shown via a series of story cards, demonstrated in the video below. You can either scroll through your cards one by one or in a feed. When you select a card, the story takes over your whole screen. You'll see your friend's new photo albums in an optimized view alongside curated news stories targeted at your interests.
According to The Verge, the app will be completely ad-free when it launches. Paper hits the iOS Store exclusively on February 3. You can watch its launch video below.
Paper (hits ios store)