Ask HN: How to limit Facebook Timeline visibility?

I have resisted that timeline for months now, but it looks like its gonna be forced on users pretty soon. How can we limit the profile visibility? even to friends. Facebook provides some mediocre mechanisms to deal with this problem, like going back in time and deleting posts from the timeline. My last option will be to delete my facebook account all together. I was just wondering how people are dealing with this problem, if they see it as such.