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Facebook lists four features for the new Timeline feature:
Cover – Your cover is the first thing people see when they visit your Timeline. It’s an open space for you to fill with an image that represents you. Think of it like the cover of a book or an album.
Timeline View – If you want to see one kind of content, or get a snapshot of the basic information about someone, you can do so with the Timeline Views that appear right under the Cover. These are filters that give you a way to see one type of content at once, such as Photos or Likes & Interests.
Timeline – As you scroll down, you’ll see everything you’ve recently posted, just like your old Wall. But now, your stories look much nicer with bigger photos and more emphasis on your posts. As you scroll down, your Timeline summarizes and shows you only the most important things. Use the Timeline Slider on the right side to go back in time and see past posts.
View Activity – At the top of your Timeline, you have a link to your private Activity Log. It is a list of everything you’ve done or posted on Facebook. The log itself is only visible to you. From your Activity Log, you can control which stories you want to feature and which ones you’d prefer to hide. You can also change the privacy beside each post or even delete it.
Read more: A closer look at the Facebook Timeline and the Open Graph by Emil Protalinski