Timeline (the new Facebook profile) has been in 'soft' intro phase for a while and is now available for everyone. With it you can tell your life (and work) story through photos, uploads, personal milestones and achievements. Rather like an online autobiography.
From a personal perspective I love it, and I can see its application as an employee too. It provides a rich and creative way to display career history and achievements (see the post Facebooks Timeline will Impact Your Career).
I could create a profile of the projects that I have worked on this year which I can make soley available to my boss. I am considering using it at my annual review meeting.
The ease of navigating your history (both professional and personal) has implications that are important to understand. However the 'lists' functionatlity allows you to choose who can see what, and can be used to counter any risks to privacy.
If you are connected to colleagues / employees or your manager on Facebook -I recommend the following:
First a full spring clean of your profile, removing anything you find emabarrasing (we all have status updates or pics we could / should edit!)
Ensure you update missing info. Many of us have used Facebook for personal information only, now is the time to get your career and education history up to date.
Then make full use of the 'lists' funtionality, make a specific list for work. This enables you to connect with colleagues on your terms. Every time you post content, consider who it is relevant to, and allow access accordingly.
Good luck in getting to know your Timeline and feel free to give me a shout if I can help at all.