Depending on whether you're in "river-of-news" mode or "list" mode, the articles list may or may not be visible. You can expand and collapse both the tree and the list by clicking the little triangles by each control.
Additionally, you can use the "Switch" button on the toolbar to not only switch between the different expanded/collapsed settings, but also move the list's docking.
The main method of customizing the news list is to modify the column layout. You can set column sorting by clicking the column titles. Columns may also be used to group rows in the list; drag columns to or from the column grouping area. By default, the list is grouped by date.
Once grouped, you can expand or collapse sections within the list by clicking the plus or minus marks. Alternatively, expand or collapse all groups using the buttons on the mini-toolbar.
By default, the rows in the list show a couple of lines of preview of the articles. You can change this using the preview drop-down, to remove article previews altogether, or just show them for unread items. Additionally, you can choose whether you want to show all articles, or hide articles you've read.
Once you've set up the list how you like it, FeedGhost will remember your settings as usual, but you can also hide the mini-toolbar using the collapse button at the top-right of the list.