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Categories are still there. They are explicitly listed inside each story, along with other meta data.
Because each category has a different specificity and "weight", they rank differently when a story has several. Each category is also assigned a color. The "primary", or strongest category is represented in a subtle way by the color lining is left side, so even when collapsed or quickly scrolling through a page, you can get an idea what kind of stories are there. Training yourself to recognize this will be different for each user, and I'm not opposed to the idea of users setting their own color preferences.
Anyway, just a little background. ;)