I know it's a little soon to review an ad-on after using it only for a few hours, but since this seemlessly does exactly what it promised, I can't help but give it 5 stars.
Crossing my fingers that Facebook doesn't manage to break it any time soon.
It works. The new layout removes the ability to view your timeline by Year & Month. Also, when you hover over photos, it no longer shows you what album the photo resides in. These are critical features for me.
