So what is Timeline? Simply put it allows users to aggregate their pictures, posts, videos and other shared data into a 'Week in the life' sorta deal where people can see everything you've been up to in a given period. Facebook is taking a cue from it's previous privacy foibles and allowing users some time to edit what shows up in the timeline before it goes entirely public.
There is also an added "Life Event" button next to the normal status, Photo, Place buttons that allows you to mark certain life events such as; Changing a job, buying a new car, or announcing a move. So you now have a new way to compare your seemingly crappy life to other people "Highlights" enjoy.
As an added tidbit, The Verge is reporting that Android users are the first to get the updated profiles, so for once Android users can lord their 'better ' versions of Facebook over their iPhone using friends.
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