In the application's panorama you'll find 'latest news', 'galleries' (which has a sub panorama), 'most popular', 'videos', and an extended list of news sections, along with application settings. As mentioned, push notifications and live tile thumbnails of the latest articles.
Marketplace description:
Reading TIME's trusted journalism anytime, anywhere just got easier for Windows Phone users. Get the latest news, read opinion and analysis from TIME influential bloggers, and browse through award-winning photography and TIME's hugely popular lists.
TIME Mobile can be downloaded from the Windows Phone Marketplace for free.
Update: In an earlier version of this story we noted that TIME Magazine was a Nokia Lumia exclsive app. That was and is incorrect. The app is available for all Windows Phone devices.