Not a very accurate title. It looks like most of Facebook still works fine w/IE 7, it's just the Timeline that's affected. For example, I can login, view a friend's profile, view my news feed, like something, make a wall post, play a game ... all fine in IE 7. And, the experience is very similar, if not entirely, to that of doing the same in Firefox 9.
Should it have been entirely true, this would have been a great step for the web, even if only a small one.
I think you're confusing "supports" with "works". Facebook may work under IE7, but they aren't supporting it anymore. Any new stuff that they do, don't expect it to work in IE7.
Should it have been entirely true, this would have been a great step for the web, even if only a small one.