I like the new Timeline feature but the inability for me to switch to some sort of "old" view when I just want to see a perfect list of updates without any fancy grouping an annoyance. For casual use the Timeline is good but it leaves a lot to be desired when I want to see everything.
Joking. But the Timeline view in the iOS app places all items in a single column.
That said, Facebook has basically become a place where I sync my tweets and other services like Instagram so that people that I know who don't use Twitter yet can see them.