Yea I've just found out how to enable it and have been looking at it. It certainly is initially exciting, but is it a killer feature? I have my doubts. That said I appreciate everyone (yourself included) that took the time to explain their POV in detail.
As a current user of the timeline feature (it is available to Facebook developers), I am amazed and almost creeped out about how easy it is for me to see back to the very day that I joined Facebook, and to easily review all my interactions since then. I can assure that you will be too.