We've been toying with the idea of tiered news for a while now, because we get a lot of news submissions that we can't publish due to space constraints, and our own fear of drowning out interesting items to less interesting ones. With page two, we have added the ability to display ten more stories on our website without them flooding the website.
As far as functionality goes, it's fairly simple. In the OSNews backend we have little drop-down list attached to each story, where we can select either "front page" or "page 2". Selecting page 2 will put the story in the page 2 box in the sidebar, but for the rest, the item will be exactly like any other item: it has the same layout, and the same commenting, moderating, and recommendation options.
We're still working on perfecting the feature (for instance, I'm working on converting all our icons to 20x20pix black & white icons (instead of 32x32 colour) so that we can add those to the page 2 box for identification purposes. We're opting for black and white so that they don't jump out so much, visually. In case you're wondering, page 2 is more or less a combination of MacRumors' "Page 2 rumors" and Ars Technica's Journal display.
For now, please bear with us as we try to find a proper balance between the front page and page 2 - the feature is new, so we need to adapt a little bit too. We hope this addresses most of the complaints regarding the drowning out of more unique news items.