Is Facebook Timeline an attack to privacy?

[Non est mea culpa]

OK, I just got an upgrade on Facebook: My profile suddenly transformed itself into the new timeline thing. I didn't ask for it, but apparently all profiles on Facebook will be timelines by the next week. I am really concerned because everything is public now. they told me it will still be private, but it's not true. There is no way I can make my timeline completely private (just for friends).
Why is Facebook doing this? I will probably deactivate my Facebook account, because it is not safe anymore.

[calmlock267]

Total invasion of privacy. I thought you had to sign up for it. Supposedly, you can still make things private, but I'm not so sure. I guess we'll see within the next week. :/