This is separate from the old personal year in review. This actually give you the full review of your friends the highlights of their activities and 30 moments and life events.
You can just simply check out your own year in Review by clicking on a "See Your 2013 Year In Review" button is located below their timeline profile picture. Once you are in your Year of Review page you can select and click on the button labeled "Your Friends In 2013" to see top moments of your friends on Facebook.
Facebook uses a different algorithm than the one that surfaces News Feed content. The Year in Review is made up exclusively of "life events and popular posts," according to a spokesperson. The "popular posts" are determined based on engagement like comments and Likes.
Users can also click on images of their friends featured at the top of the page in order to see that friend's personal collection of moments and posts. If a friend visits your Year in Review page, they will only be able to see the moments and posts that were shared with them throughout the year.