The new facebook has reorganized your old profile to show a quick summary of who you are, giving friends an easy way to see where you live now, where you're working etc. A collection of recently tagged photos from your photo collection let your friends know your recent activities or the mischief.
Another prominent feature is you can display your experiences like classes you take or your weekend rides allowing your friends to follow you, and if you are not careful, a whole bunch of others. So go through you privacy setting once you have activated your new profile.
It is also easy to find people with common interests. I just found a whole bunch of friends who are also interested in Golden State Warriors among many other things. Also now your relationships are defined in much clearer way, you can highlight, your family, best friends and colleagues and list them likewise.
You will be offered to update, once you visit your facebook page.