Although I am still adjusting to the Timeline set-up, my favorite feature (and the most obvious one compared to the current Fan Page look) is the option to have a Cover Photo.
For the Cover Photo, you can use a any image. Keep in mind that it will be sized to around 850x315 pixels. I played around with one of the downloaded free templates for Photoshop & Photoshop Elements from Florabella which they offer in their Facebook Page.
The CoffeeShop Blog is another great source for Timeline template downloads. All of the templates, of course, can also be used on your personal FB pages, blog headers or storyboards.
To learn all about Facebook Pages click here.