Yep. And I wish there was a way to capture everything in my life in this Timeline-like fashion, without any extra effort from me.
The one condition I have, though, is that I don't share it with anyone except someone I explicitly want to share it with. With everything being absolutely private and in my control to carry with me, by default, it would be killer. But this could well be opposite to Facebook's own direction.
All-in-all, this is a rehash of the news feed with a few more controls. But the presentation is really nice.