To create a saved search, just type your query into the search box and press enter, then on the search results page, click the red button, 'Save this search'. To access the saved search, just click on 'Explore' in the navigation ribbon and you'll see it hiding under 'Trending' on the right-column of the stream.
 |
| Look for the 'Your Saved Searches' widget in 'Explore' |
Alternatively, you can find your saved searches by clicking 'More' on the circles bar at the top of the stream.
 |
| You can also find your saved searches in 'More' on the quick-menu |
To remove a saved search, click on the query/saved search you'd like to remove and there'll be a red "Remove saved search" button next to the gear menu on top of the stream.
I check the #googleplusupdate and #nexus10 streams very regularly, so saving those queries saves a few seconds of my time, rather than having to type them out.
What are your saved searches?