One of the things I hope will make the usability easier for everyone is the organization of information. In the new application, your profile acts as your dashboard. You can control all the aspects of your experience from your profile: messages, friends, privacy, albums, etc.
The newsfeed is the display of all information you opted to receive, such as posts made by friends, groups, pages, events, etc., the same as it functions in this application. Your profile still has a timeline, which consists only of the posts made by you, or your friends (if opted to accept). A group, page, event, etc., all have their respective timelines.