Eventually it will be default for all. Right now, you can opt in to get it. When doing so, you have 7 days to review all your old wall posts, photos, updates, links etc. For some folks this may be a fun walk down memory lane. For others it could be cringe-worthy. For most of us it will probably be a little of both.
You can find out more from Facebook here: http://www.facebook.com/about/timeline
BloomThink has a great one-hour seminar on Smart Social Media that covers the new security and privacy settings in Facebook, Twitter and Foursquare. Contact us to find out how you can bring this seminar as a brown-bag lunch session to your company!
Have a great Holiday and Smart Facebooking!