I thought it had the option to delete or hide old posts...one moment...
On the info page, it says this: "Control who sees your stuff
Only the people you originally shared a post with can see it on your timeline. If you want, you can go back and change who sees a post, delete it or just hide it from your timeline."
Here is the answer:
"How do I hide a story on my timeline?
You get to decide which stories appear on your timeline. To hide a story so that it no longer appears on your timeline:
Hover over the story and click
Click Hide from Timeline
Note that stories you hide will still show up in your activity log, which only you can see, and still be eligible to appear in your friends' News Feeds. If you would like to remove a story you posted from Facebook altogether, you can do so by selecting Delete Post.... If you believe that something someone else has posted violates the Facebook Terms, you can report the story."
So you have to do them one by one. Well, that sucks. But honestly, I don't go and look at my friends' posts from 2007. I don't care enough to do so.
Is the feed still the same? When you go to "Home," does all the posts still appear as before, i.e. no timeline?