Imagine this:
I save a photo, with Photoshop, to my Pictures/2012 folder. It's immediately added to my local timeline. It's private to me.
I copy the photo to my Pictures/Web folder. Again, this is added to my timeline. I've programmed the timeline to also send the photo to Flickr when I do this.
I copy it to my Pictures/Clients/John Smith folder. It's in my timeline, but here I've programmed it to send it privately to John Smith via a web service.
I'm on a company network. I copy a file to a shared drive. It shows up in the timelines of all the other people who have access to that drive (although some of them may have chosen to filter these actions out). A couple of them have actions programmed in; they automatically copy the file to their own private folders, or to their mobile devices, etc etc. One of them decides to leave a comment on the shared timeline.
I can search my timeline by type, person, action type, etc etc. And do the same even when I'm disconnected from my computer and network, although not all of the files are necessarily available.