I like the idea but I don't think it works well as an alternative to the current Facebook display. For me my timeline is very much based on time, so when someone has a status "going to dinner at x" it matters that it's displayed before "dinner was great", if it's displayed along side it doesn't make much sense. It works great for photos (and friends) though, it's definitely a cool way to display content just maybe not text.

I think pinterest type displays work for photos etc because it's a way of presenting a lot of content at once that specific items can catch the users eye and they can look at further, that can't happen with text, you have to read it all.