While the My Newsfeed feature is now live, it may not be obvious how to use it (I had to ask for help on this).
On the main page, you will see a 'Posts by All ' line right below the New Post box. Click on the downarrow and a menu will appear. Selecting 'Post By Followed' will give you your My Newsfeed feature, showing only posts from the people you are following. There is also a handy 'Posts By Me' that lets you view only your own posts.