You may want to provide a sorting option “Creation Date” so that customers can easily find the newest and the oldest items.

To do so extend the class “Mage_Catalog_Model_Config” located at {{MAGENTO_ROOT}}/app/code/core/Mage/Catalog/Model/Config.php in a custom module and override the function “getAttributeUsedForSortByArray()”

In Magento Vanilla installation the products are sorted based on “Position” on the product listing page by default. You have the provision to configure the default sorting parameter from Magento admin. In Magento Vanilla installation admin the options available are – “Best Value”, “Name” and “Price”. “Best Value” sorting is actually sorting by position.

“name” and “price” are catalog attributes but “position” is not.

If in case you need to remove sorting by position then you will have to override the Catalog module model but if just you need to change the text then you can do it with the help of locale files.