I have unfollowed all but about 3-5 people on Facebook. It's pretty great. It's turned down the junk, but I miss out on stuff so much more often now. Oh well. The alternative is worse for me, and it makes me seek out real interactions with my network instead. That's a huge win for me. Facebook could win back some of my time by allowing me unfollow topics or other entities, across my timeline.
I LOVE some of my friends, but I hate 99% of any post on the NFL. I'll certainly never seek it out. I unfollow people because it's just so frustrating to start to dislike the person ranting about something I don't care about, just because Facebook isn't smart enough to understand how human relationships work. In real life, I can tell that person, "Look, I love you, but you've got to stop talking about the NFL around me! You're showing me you're not listening to me or valuing me as a person by doing so..." And that's what Facebook is not doing: valuing me as a person. So, I unfollow everyone; the NFL is just one example.