I haven't tried it myself because when I saw it on other people's profiles I didn't like it. It's too "busy" and not layed out well. It seems that it allows you to look at how the persons profile looked at a prior date, hence the name. But it has too much going on and is heavy for a web page, even on my 4GB RAM pc.
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I have it for a couple of weeks now & I can say that it's a great move for Facebook to have this innovation. It's a new exciting feature plus they'll be introducing 60 new apps that will work with the Timeline.
I seen it here and there but never tried it until today. I still don't know all about it but its an alright feature that facebook has added. I did hear recently that everyone on FB will get the Timeline update by the end of this month.