By subscribing to a KeepandShare friend you tell KeepandShare to 'please notify me' of all new or updated public information in that friend's account.
Subscribing is easy. Just visit your friend's share page - click on the blue Visit button, select your friend's name from the Friends to Visit List, and then you'll be on their share page. Scroll down and you'll see a blue "Subscribe" ):

When you are viewing any of your friend's public shares you will also find the 'Subscribe' button at the bottom of their viewed document.
Click on this "Subscribe" button, and click again in the confirming dialogue that pops up (note - in this dialogue you have the choice as to whether you want to get a notification whenever comments are added to your friend's shares).
It's also easy to manage your subscriptions. Go to your Dashboard by clicking on the gray Dashboard tab, then click on the Subscriptions command. You'll see a list of people who have subscribed to your public shares, and you'll also see a list of your subscriptions to other's public shares. If you want to remove any of these, just click on the red (remove) command.