1:36 P.M.: Zhou answers a question about the impact on ads with new images.
Zhou: "In this new design we are really about taking all the content in the News Feed and making it richer. That goes across the board - including ads - everything is going to get richer."
1:30 P.M.: Facebook will begin rolling out new design today and on mobile devices in the coming weeks.
"Because this is a big change, we're going to be very, very careful and slow about how we role it out," Cox said.
(Read More: Facebook Taps Genentech Veteran for Board )
1:29 P.M.: Facebook's Chris Cox says this about consistency between devices and getting Facebook out of the way.
1:27 P.M.: Feeds will look and feel the same wherever you are, on all platforms.
1:23 P.M.: Chris Struhar walking through choice of feed. Giving consumers MORE CONTROL— allowing you to see every event friends are going to, every photo they're up loading, "Just like a newspaper when you jump to the sports section" you can jump between lists of feeds."
1:21 P.M.: Facebook to start showing articles about people, pages, and public figures you care about.
1:19 P.M.: Facebook embraces Pinterest — looking to complement rather being replaced by it.
Zhou stresses that your news feed will be "custom tailored to you" based on what friends are doing and places you've visited.
1:18 P.M.: Zhou: "A lot of the content that's shared on FB comes from Pinterest."
"In our new design we are giving these rich visuals more prominence—better reflects what you see on Pinterest," she said. (This seems to me to be part of an effort to keep people within FB's walled garden consuming content there, not leaving the platform.)