Profile Feed & Following

If I am following someone and they post on their own profile feed, do I see the post anywhere other than on their profile or do I get a notification, or? I am unclear about what following someone does for me. Thanks!

EDIT: OK, I see the Dashboard has it's own feed where a friend's post would show there. I am assuming only if I follow the friend... 

EDIT AGAIN: OK, I also see that I get notifications from friends I follow.