I think after a while you just get tired of hearing little facts about your friends, so I don't check it anymore
Basically it just asks you questions about yourself like, "What do you do to release stress?" or "What did you do last weekend?" or "What do you look for in a partner?", and you answer them. And you can talk to your mii and it'll tell you answers your friends have given. You can also buy clothes with the in-game currency and pose your mii in funny pictures