The timeline view gives various options which aren't easily available to you when editing in the storyboard view. The timeline view gives you access to the title overlay track, an extra audio/music track and also separates the video and audio to two tracks on your video file, making it easy to work on either.
Most people will use a mixture of the ease of storyboard with the functionality of the timeline view to do their editing, so neither is right or wrong.
With Movie Maker open look at the storyboard itself. Just above this there is a button labeled Show Timeline.
See this picture for more help if you can't locate it.
Click on this button and the view will change.
The button now says Show Storyboard and by clicking it again you revert back to the storyboard.