Facebook update for iOS brings Timeline for parity with Android app
does include the Timeline feature. The update is for the Apple iPhone only although a version for the Apple iPad is coming. To access Timeline on your iPhone, you will need to set it up on the original web based version and the new update will give you access to your friend list and subscriptions.
Now that Apple and Android are on an even playing field, it should be interesting to see if Android keeps its lead over the Apple iPhone in the number of average daily users to the Facebook app. The new 4.1 build is 10.1MB in size and requires the user to have a device running iOS 4 or higher.
source: iTunes via Engadget