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Along with death and taxes, it seems we also can count on inevitable panic over the latest Facebook updates.

Earlier this month, Facebook introduced a new format in which only important messages reach your wall, while other not-as-important messages only show up in what is called the “ticker.” This update is only part of what will be a major update taking place Friday. When it happens we can be sure panic will follow.

Here’s some clarification about what these changes actually are and how they will affect your Facebook experience. Don’t worry. In this case the change is a great thing!

Let’s take a look at what your new Facebook homepage will look like. (You can click on the image at the top of the article to enlarge it.)

There’s a lot to look at, so let’s break it down further.

This is the new ticker that was introduced last week. Now your Farmville notices, friend like’s and other low priority updates get sent here, in a Twitter-style constant feed. From here you can still comment on, like, and share any of your friends’ posts or actions by clicking on them.

The new picture banner adds a nice touch of personalization to every page. Now I am able to show off my adorable cats while still including a photo of myself. You can choose a picture of anything you’d like and crop it to fit the page perfectly. This can be your chance to show off what is it is that defines you.

The top of the page is where all of your important information such as employment, birth date, relationship status, friends, photos, likes, and more will be found. By putting all of this information at the top, the folks at Facebook left the rest of the page for probably the neatest part of this update, the Timeline.

I’ve heard some say this layout reminded them of Myspace, and at first glace I can see the comparison. Once you dig into this deeper, you will realize there is so much more. Facebook has partnered with a bunch of businesses to allow your Facebook page to update more information, such as what your favorite songs are with Spotify, how far you’ve run with Nike, and what shows you are watching with Hulu. On top of that, the Timeline is a creative way of capturing your life events and organizing them chronologically. It allows easy access to past photos, friend comments, and statuses, making a trip down memory lane easier than ever, taking you back to when you were born.

With the sidebar, you can return to whatever year interests you.

For example when I click on 2000s, sub categories from 2000 to 2009 appear, and when I click one I am presented with something like this.

Apparently in December of 2008 I was pumped the Yankees signed CC Sabathia something with hindsight I realize I was totally wrong about. (As a Red Sox fan, I thought the Yankees had made a big mistake.) Facebook tells me I had 20 friends wish me a happy birthday, and at some point I was really excited about snow in November!

It’s really kind of neat to see what you were interested in years ago and how much has changed since then. Facebook is going to be a form of autobiography, recording entire lives worth of thoughts, photos, and friends best wishes. Facebook is going to be the place to tell your story.

There is plenty to be excited about here. When Facebook makes the change, take your time getting used to the new set-up, learn how to navigate the new page, update your banner picture, and explore your past. You may be surprised by how much fun that can be.