The Timeline feature brings you entire life on Facebook on a single page. The top of the page will host a large profile photo of your choice along with your regular picture. It has your life on Facebook stored in a chronological order. You can select which posts you want to show and which you want to hide. You have a totally cutomizable experience when you deal with apps and posts, and you will have access to these features in the next couple of weeks as Facebook starts rolling the update out to their users.
The other update comes in the form of Social apps. Music allows you to listen to songs with your friends through services like Spotify, Rdio or Mog. Similarly you have Videos you are liked through services like Netflix or Hulu. Facebook has even added apps like Books and Newspapers thus allowing you to to pretty much anything you want without having to leave Facebook, from watching movies, to reading books or even looking for recipes.
The web version of Facebook is not the only one which will benefit from the new changes as the features will also find their way to the mobile versions of Facebook. You will be able to view your Timeline on smartphones and tablets and take full advantage of the social apps which will also be available on Facebook Mobile.