Mark Zuckerberg kicked off his F8 Developer Conference keynote introducing the Facebook Timeline.
It's a way of seeing your whole life story on just one page. It's not yet clear if the Timeline will replace traditional profile pages or if it will be an additional type of profile page.
The Timeline page allows you and your friends to see all of your recent activity all the way through to when you were born. There is a simple year bar which allows you to go back to a certain year in your life to see what you or your friends were doing then. As for adding content, you'll be able to upload old photos and video etc and select a date from when that event occurred.
After a quick lucky guess, I found the Facebook Timeline preview page which introduces the new product. Check it out here.
We are unsure when Facebook will rollout Timeline, but in Mark's speech he said that they will be rolling out a bunch of new products today, so money is on sometime later today.