As its name suggests, the new timeline organizes your life in reverse chronological order based on the content you've shared on your Facebook profile. The layout is designed as a dual-column view with a large main column for viewing content and a smaller one on the right for fast navigation.
The changes that have been made are rather subtle, everything is imposed over the cover picture in white. Since the beginning, Facebook has been working on visual appearance to attract more users, however it seems to be more of a hassle for users in adjusting to the new features.
Timeline is currently in a limited beta for developers. Timeline won't officially launch for a few weeks. There are also no guarantees that an accident won't happen that briefly makes all your profile information public. So the risk is yours if you try Timeline.