When you click on the home screen, a little heart and such pops up with an animation. That's all (lol), but it's cute. It is a bit austere, so you can set any image you like as a background.
(To set up a Live Wallpaper you need to do as follows)
1. Tap and hold on an empty place on the home screen.
2. Select Wallpaper and Live Wallpaper from the opened window.
Simple live wallpaper service.