I've been posting/sharing stuff on Facebook for years now. All this content was not very important (just things I found interesting at the time) and was not intended to become an archived, easily accessible, representation of myself.
The fact that the (old) wall feature only showed the last 10-20 posts and going back in time was very hard, meant that these posts had a short lifespan. So my use of Facebook was likewise.
Now Facebook is making it easy (with no other alternative other than deleting posts one by one) for all my "friends" to dig up what I've been posting 4 years ago.
Bottom line, when Facebook introduces such major changes they should provide the tools to manage them easily. Otherwise they will have the negative reactions that they are getting.
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Bottom line - as others have pointed out - you're not the "customer" - the people who pay them (advertisers, appmakers etc.) are the "customer". You're just a database entry that they can sell to their customers. So what they're doing makes sense from that point of view.
<span class="proflinkWrapper"><span class="proflinkPrefix">+</span>John Glotzer</span>, advertisers already had access to all my posts, they didnt need the timeline feature. The timeline feature is supposed to allow people to be more engaged with Facebook, share more data and not leave FB for G+. But as usual giving people choice is not the in top priorities in new development on FB...