Within your Activity Log you can sort your past posts by everything from only items you've posted, posts by others, comments, notes, likes, info updates and more. This comes in handy when you're deciding what you want to keep on your Timeline. (For more on this, see the next section on privacy.)
Adding "Life Events": Just above your inline privacy controls is a new option--"Life Event." Just as you can share a status or photo with your friends, you can also fill in your Timeline by highlighting events from your past, such as previous jobs, family and relationships, location moves, travel and more.
After you choose a category to update, you'll be brought to a form to fill in the details: the location, who you were with, the date, a backstory, photos and a privacy setting for who can see this life event.
Highlight what matters: As part of Timeline's more visual interface, you're able to denote which posts deserve more prominence and which are less important, which is reflected in the size of the post.
For example, if you want to highlight a new photo album of a vacation that you just updated, hover over the item and click the star icon. This will turn this item into a "featured post," which means it's more prominently displayed.
Similarly, if you want to hide a particular post from your Timeline--but not delete it entirely--hover over the post and click the pencil icon.
[For more on Facebook Timeline features, read, "5 Facebook Timeline Changes You Can't Wait to Make."]
Facebook Timeline: How to Adjust Your Privacy Settings
When you (or Facebook) migrates your account to the new Timeline, you'll have one week to make adjustments to your past posts and privacy settings before your Timeline will go live for everyone to see. You can publish your Timeline yourself anytime within the seven-day waiting period.
It's important to note that Facebook does not change the privacy settings of your old posts; it retains the privacy settings from when you originally posted it. That means that while today you may limit wall posts to just your "Limited Profile" list, posts from years ago could be "Friends only" or even public since the Limited Profile option did not exist at the time.
You have a few options when it comes to pruning old posts:
Make all posts friends-only. It's possible that your past posts have varied privacy settings based on when they were posted. One way--the easiest of them all--is to use one of the blanket privacy settings: "Limit the Audience for past Posts." You'll find this option near the bottom of your Privacy Settings page.