You heard correctly: this is by no means a complete redesign; more a case of the Facebook Timeline evolving since the mass push out last January.
The main difference is that it no longer sit on a ‘timeline’, instead acting more like a feed, in a similar way to previous incarnations of user profiles. The timeline is no longer into two equally proportioned columns: instead the wider right hand side consists of user posts, and the left hand side lists any application generated content such as Photos, Likes & Music.
Next up is the lack of image thumbnails representing content tabs (including, Friends, Photos & Likes), with much simpler and visibly smarter links to the apps & pages. The introduction of the More tab allows you to hide all the clutter and third party apps, with focus remaining on built in applications Facebook provide.
This update is currently being rolled out to users, so keep a look out and let us know your thoughts.