Facebook has unveiled what it calls a "mobile first" new homepage look (pictured below), and as expected it takes up more space, meaning bigger ads. The social network got the picture that people really like pictures and has added more pictures to everything. In addition, hoping to make the social network "the most personalized newspaper in the world," Facebook launched those rumored feed flavors, allowing users to click through to see certain types of content. For how it works, Facebook has posted this informational video with all the details. You can sign up here to get on the waiting list. 

Update 1:29 p.m.: This baby will get limited roll out today, starting with the Web version, with tablet and phone coming later. Learning from its past mistakes, Facebook will slowly put this out there, hoping to pad itself from the predictable user backlash that comes with these big design changes. 

Update 1:23 p.m.: And here are those rumored separate feeds. The News Feed comes in seven different flavors: All Friends, Most Recent, Close Friends, Music, Photos, Games, Following. Depending on the type of stuff users want to see, they can click through the different options. Under the Following option publishers can know that users see every post they put up, says Facebook. That comment is directed at Nick Bilton, who in The New York Times suggested Facebook was hiding some of his posts. 

Update 1:22 p.m.: Uh oh, investors don't care about the announcement, as this chart from Reuters shows:

Update 1:17 p.m.: In addition to taking up more space on the page, everything has more images involved. Take this notification, for example:

Before, that would have shown up as just some text with some links. Now it has photos. 

Update 1:12 p.m.: And here is what it looks like. It will look the same on both phones and computers. As you can see, it takes up a lot more of the screen than before. 

Here's how it looks now. See how the left hand rail with useless information, is no more:

Update 1:10 p.m.: People like photos more than they used to. "The design of News Feed needs to reflect this evolving face" says Zuck, hinting at a more photo based design. 

Update 1:08 p.m.: Okay, here we go. Zuckerberg has started out the event, hinting at giving "everyone the most personalized news paper in the world." He hasn't told us what that means yet, but, that's coming. 

Mark Zuckerberg is unveiling Facebook's brand-new News Feed today at headquarters in Menlo Park, California, and — actually, that's News Feeds, as in plural. The rumorers have sources saying that the social network will split up its singular homepage — the second biggest in the world — into a bunch of content specific ones. Sounds like you'll have a tab for photos (Instagram and Facebook combined), plus tabs for music and actual news, and maybe more. Facebook hasn't confirmed anything yet, but you can bet on the new News Feed making advertisements more visible, engaging, and lucrative. And considering it's the first News Feed announcement since the feature launched in 2006, it will at the very least look a lot different. 

You can watch the event in this livestream below (we have removed the video to save you from Facebook's hold music hell). For those who would rather not watch a corporate press event, we'll be updating this post live below that.