You can switch up launchers the same way as pretty much any android phone. MiFavor is relatively lightweight. The most noticeable changes are to the settings area and some added gestures/features. (And of course to notifications as the prior few posts have talked about!) They do have some alternative apps like their own browser, mail, etc. but I'm ignoring those.)
Overall I think mifavor is ok, I'm giving it a chance for a few weeks and if I develop a dislike for it then I'll go to stock android or nova. But, for now, I'm fine with it. I don't mind the notifications thing because my bf frequently sends messages with lots of silly emoticons and I don't mind that it's hidden from passerbys if they happen to see the lock screen light up. ;-)