This is a great article in TechCrunch.com which will tell you everything you need to know about updating your business facebook page with the new facebook timeline.
I just updated our Winter Street Design Group facebook page… not everything on the list, but a few quick changes, and published it.
Even if you don’t have time to give it your full attention, at least preview it sometime in the next 30 days so you aren’t surprised later!
http://techcrunch.com/2012/02/29/how-to-use-timeline-for-pages/