1) It’s very well done. Some of the design seems a bit heavy-handed at times, but it’s responsive and sleek.
2) I’ve already replaced the standard Facebook app on my phone with Paper. It has basically everything you need from Facebook except Events, which you have to assume is another one of the stand-alone apps they’re working on.
I agree with a lot of what this has to say. That being said, since I don’t really like to post to Facebook anymore, I still prefer Flipboard for my content consumption/sharing needs.