Below you can check a small demo on setting up the blog page and how to work with it. You have two options on setting up the way the blog looks, you can chose a blog template frome Page Attributes – Template or with the default template by going to Theme Options – Blog page style. The last one is recommended.
Also, you have six blog post types, Standard, Gallery, Link, Quote, Audio and Video. Just be sure you activated the CF-Post-Formats plugin. Also you have options for sidebar positioning ( left, right or none )