I just experienced the new Facebook iPhone app “paper”, and it was an amazing experience. Techies add their pros and cons in their respective blogs, but my opinion is this app is much better and best working compared to other newsfeed apps like Flipboard, etc… Firstly this app is not available in apple store India, I’d to create an US store apple ID and then download it to my phone, and it worked.
So if you are desperate to put your hands on this app, even before it releases out of USA, you can create a fake apple ID with all details specific to USA and download the app from here
Paper app gives a brief introduction when you open the app for the first time, and after adding few of your interesting news categories, you are good to go and explore the news feed in a new and advanced GUI. I used iPhone 5 and I had a smooth experience, but I guess with iPhone 4 there might be some slowness, I have to test that sooner or later, because after started using iPhone 5 things are different when comparing my experience that I had with iPhone 4.
Some of the snap shots of the app below.