Facebook has released it's Timeline feature on the Facebook for iPhone app. Users can now access their own timeline but it seems that you can't access your friends' timelines. Rather defeats the purpose.
I'm not a huge fan of the Timeline for desktop Facebooking. despite that the new profile layout seems to be more form-factored for mobile as opposed to desktop. It will be interesting to see how well this gets ported to the Facebook's native app for iPad.