The news home page, or "front page," as Google calls it, aggregates all kinds of articles from the 36 content publishers that are participating so far. Google takes a static screen shot of articles at those partners' sites, then pulls the static images into the application (that's why they take no time to load).
The main point of Fast Flip is to organize these static articles into "magazines" that are easy to flip through for the reader. The Fast Flip front page organizes articles into magazines in four main ways: The top row features magazines made of "Popular" articles (most recent, most clicked, etc.); the second row divides news by "Section," (similar to newspaper sections: Politics, Sports, etc.); the third row creates magazines based on "Topic" (stories on news subjects that are currently popular online), and the fourth and bottom row lists articles by "Source" (click to see only articles from SPIN, for example).
Each row of articles is collapsible, as the "Section" row is in the image above. Also, the articles in each row rotate in carousel fashion, controllable with the blue arrows at the ends of each row.