Let me say right here, I see no need to keep all of my eggs in the same basket. I've always fought the one-stop-shopping model for Net applications. If there's competition for a particular service, I have felt no desire to go in for the bundle. As an example, I have continued with Foursquare rather that making Facebook my location aware service. Ditto for Flickr which has, up to this point, been my repository for all photographs and images. A good Web 2.0 app makes sharing with other sites seamless.
Now, I fear I'll be giving more information to Facebook simply as it allows one to create a story of one's life. Who knew it already had a record of some of the most important milestones in mine! I see Timeline as a vast improvement over the standard Facebook profile, but also fear it has the potential to become a monopoly on people's information.