To me the new "timeline" is heading in the direction of Myspace, IMHO the reason that most people switched away from Myspace to Facebook was because of Facebook's clean and organized look, the new "timeline" is very messy and dizzying, its alot of information in your face.
Personally when I go to a friends page who has timeline enabled I dont spend to much time there because there is too much going on.
This is a major downgrade. It would be the equivalent of Google changing their homepage to the old (or even current) Yahoo style homepage. People like clean and organized pages.