A tumbledry.org article on doing infinite scroll better was posted to HN about a year ago (http://news.ycombinator.com/item?id=2592741) and it was most the way towards doing infinite scroll right.
No, I'm pretty sure he's referring to the "theme" component of jQuery Mobile (http://jquerymobile.com/themeroller/) which isn't "taken care of" with this combo. That said, since it's just markup and CSS it shouldn't be too difficult to roll in.
No kidding. This however has a lot more potential thanks to support for multiple sources. That said, I can see Facebook adding support to Timeline for content aggregation using other online services.
To extend on your analogy, I'm pretty sure if you started cussing out the bus driver because your mate hadn't paid and got left at the depot, you'd be on the side of the road too.