The information has been public already, ever since you joined Facebook. But since it's easier to access everything soon, a "Delete posts, activities, and likes older than a $TIME" button would be a nice feature, for some value of $TIME.
Some of the new autoshare features are a bit silly, but you can easily opt out of those. The facebook profile has always had ALL of the same info as the Timeline, it was just presented differently, and required someone to click a button several times to load previous info. Sure, a lot of that history was initially hidden and required a bit of digging to get to, but it's always been there. I guess I don't see how it's really any different.
