Facebook Timeline

Just like all social media, Facebook is ever evolving — from new privacy settings and news feed settings to the possible IPO. So it's no surprise that on Thursday, Facebook has launched the latest layout: The Timeline.
 
Facebook is changing its real-time social network into living scrapbooks of our lives. PCWorld.com describes Timeline, "Presented in reverse chronological order, your Timeline shows status updates, photos, life events and new friends. Timelines also summarize your activity from Facebook apps. For instance, if you've allowed Spotify to automatically tell Facebook what songs you're listening to, a summary of your tastes in music will appear in the Timeline. Or if you've been using Nike+ GPS, your friends will be able to see where you've been running." 
 
Timeline is a living scrapbook of an individual's life online: highlighting their great moments and removing other events they'd like to forget. As with any Facebook changes there will most likely be a lot of backlash and demanding the site to change to its old ways.

Once the initial reaction is over, do you think people will widely embrace Timeline? Do you think other networking sites will add a timeline concept to their sites? How will this impact companies that use Facebook as a business tool? How you do feel about having your life chronicled on Facebook Timeline?