Based on what I have seen, either people really like the Facebook Timeline or they really hate it. For those of you that do not like the feature, unfortunately you will have to upgrade in about a week. Facebook is rolling out the Timeline feature for everybody starting next week.
Most Facebook users were accustomed to their wall posts from previous years being difficult to find due to the pagination. Now old wall posts, links, photos, etc. are easier to find because of the new navigational elements on the right-side of the screen, broken down by year.
To make the process of hiding activities easier, Facebook created a new tool called Activity Log where you can review posts and activities from today up until the time you first started using Facebook. The Activity Log button is on your profile, under the header image cover and only you can see it.