From the news feed, you can click “Preferences.” You’ll be presented with some sliders. There you can choose how much of what story types you to see. These look cool but you can’t really tell if they have any effect or not on what stories are present.
You also have the option of seeing more or seeing no updates from certain friends. This seems like it could be more useful.
While it’s good to see that Facebook has some preference options like this, I’d really like to see something more.