Right now you can apply it to your profile and have the option to either put it live right away or play with it a bit for a week. On December 22nd all person profiles will have Timeline permanently applied.
Here is what my profile looks like with Timeline:
I've seen some pretty nifty things people have done with the cover photo and profile picture. Check them out here, here, and here. And if you want to give Timeline a try now click here to apply it to your profile.
Oh, and as if Facebook's changes weren't major enough, Twitter is joining the parade and making some of their own changes. Give this a little lookie-lou--
The social media work is a-changin'...