If you configure the JFBCComments module, tag, or content plugin to show less comments than are actually available, Facebook will automatically add a "View More Comments" link which will extend the comment box to show the additional comments.
There's no way to close the comments once more have been viewed
If you are the administrator of the Facebook application, you should see a "Moderate" link under each comment where you can hide it for all users. Individual users have the ability to hide comments (from themselves only) that they don't like.
Hope that helps,
Alex