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Your content stays the same, so don't worry about that. It is just re-jigged to give you a different layout and more content. Your updates remain live until you finish editing. It also allows you to go through and update your past, as well as your current information.
Your work and education details are on the left, along with your 'living' status. It uses Bing Maps throughout (after Microsoft's investing in Facebook last year). Your remaining content can be found on the right hand side.
Your activity log goes all the way back to the day you started on Facebook. It is a private log of all the activity you have uploaded, contributed to and added to your profile. It is the be-all and end-all of everything that you have done on the social network.
This feature was briefly exposed last year in form of 'Memories', which leaked after someone hit the 'publish' button by mistake. Facebook pulled the social network offline for an hour afterwards to repair the damage.
Clicking the drop-down underneath the top bar allows you to select greater detail. You can see photos, friends, and plenty of other content by category. This allows you to see when you added people as friends, or when they added you. It gives you a full chronology of what happened and when.