Now, the new feature Facebook Timeline has been announced and it can be now activated if you have an apps created. You can go to facebook.com/developers and create a New App (create a app if you are a developer or planning to launch one). After you go to this page, you will be able to see various apps created by you. Click on an App name on the left and then click on Edit App button on top right.
After this, click on Open Graph in the left side. Fill out the details and continue filling next steps. Action Types, Object Types and Aggregations are the steps you need to fill. After this just go your profile page and you now have to activate the New Profile. After clicking on Get Started, you will be shown an edit screen and preview of the New Facebook Timeline Profile. Just make changes and publish.
Remember, people who have activated this new profile will only be able to see your new profile. Also, do keep in mind before activating new profile various privacy issues and what all you want to share.