I suppose that a false sense of privacy is better than none at all: Facebook has altered its privacy settings to allow people to put whatever in and take whatever out of their newsfeeds they want. I for one won't be altering mine, and it's kind of unfortunate that people will be forcing other people to dig through their profiles again to see what's going on. Once again, the privacy settings Facebook has implemented add no privacy, it simply rearranges your stuff back to when it was hard to find (when you had the illusion of privacy). If that's your bag, congratulations, you do not understand the point of a social networking website.
Hopefully most people will just turn off the timestamps and be done with it.