Long-pressing on the KitKat home screen pulls up a new configuration utility from which you can rearrange panels, change the wallpaper, and add widgets. (Once again, this item is limited to the Nexus 5 for now.)
The placement of a new Settings shortcut within the home screen's long-press section, however, is baffling. At first, it just seems redundant, since there's already a Settings shortcut within the top-of-screen notification panel (as is the norm for Android). Once you press it, though, you realize this Settings shortcut takes you to the settings for Google Now -- settings that are also accessible within Google Now itself -- which just doesn't make sense.