I've heard a lot of people on HN call Facebook a toy, which at some point was probably a fair criticism. This is the first thing I've seen from Facebook in a long time that truly feels like important and worthwhile work.
I think timeline addresses some common needs and desires- personal reflection, recording your experiences, bonding over shared experiences. The profile and news feed have always seemed tailored to a certain type of content- what's happened recently. But it never really seemed important and the profile doesn't help you know someone. It feels like timeline lowers the virtual barrier between participants in online communication and lets them express themselves in a meaningful way. It feels like a departure from frivolity.
Of course, I have only seen the pitch at f8 but I haven't used the product yet so right now I think exactly what Facebook wants me to think :)