The look of the Timeline is pretty nice. Some have compared it unfavorably to Myspace's jumbled layout, but I think it's quite clean even with two columns of data. I like the large cover image, although it would be great if you could at least tailor the overall color scheme of your page to match. I've added a few significant events from the last several years, but I can't see myself taking the time to record my history all the way back to birth. It is neat that you can highlight anything major that you left out, or in my case, didn't have an account at the time to do so.
One of the biggest issues I had with the set up had to do with the Map feature. Finding certain places can sometimes be tricky, and I was unable to upload pictures directly from my computer. Instead, I had to transfer them to my Facebook page, then send them into each location on the Map. Yet when I added events to the Timeline, it uploaded my pictures just fine. It's also kind of annoying that each image has to be adjusted to fit (partially) into a spot.
Other than these small bugs, Timeline was pretty easy to get used to and manage. Of course, it helps that I don't have a lot of past activity to weed through. Facebook has urged users to review their old posts, which will now be much easier to access, just in case there's anything embarrassing you want to hide from your newer and larger group of friends. This is why I stick to the philosophy that you should never put anything online that you wouldn't want your mother or your boss to see. Keep the dirt in house, ya'll.
I've quizzed several FB veterans, and initial reviews are mixed about the Timeline. Some people can't stand it and wish it were more user-friendly, while others are digging the new look. Whether you like it or not, Timeline is officially on it's way to being mandatory and permanent, so there's no reason to delay updated your page. A web search will pull up some helpful hints, and Facebook has tutorials, but you might as well dive right in and experiment for your 7 day trial period.
It will probably be a work in progress for a while, but my Timeline went up last night, and I actually had fun with it. Take a look and hit me up as a friend, and maybe next year I'll be ready to tackle Google Plus. Or not.
What do you think of Timeline? Are you dreading the switch, or ready for something new? If you're in the process of setting it up, I'd love to hear how it's going.