It can be expanded to more, if that is desireable - but we felt having two teasers for recent content at the bottom of the front page, in the content section was enough. It is trivial to increase that number; however, it makes the front page scroll quite a bit.
Teasers for Blog Posts, Gallery Items entered, and some other content types will show up there. There is a "Pager" under that section. Previous items that made it to the front page can be found by paging through past content.