I can certainly rely on social-network-style filtering to surface interesting reading.
It comes with its own trade-offs, particularly the tendency toward "viral" titles and abstracts so that a particular paper would be more likely to be clicked / skimmed / shared. I'm not sure that we want to encourage that as I think it would injure the quality of published works in general.
There are merits to being able to put faces, and reputations, behind the editorial direction of the information stream. Social-network-style consumption would necessarily anonymize or obscure the effect.
As before, there's definitely agreement that more access is better and I'd bet there's a good middle ground available.
For example, a journal I worked with while I was an undergraduate changes their articles to open-access nine months after publication. You still get the editorial process and curation, the team has some financial support to evangelize their journal's mission and most folks who won't have needed the most immediate access can get to it for free. If you're an individual and want the articles immediately, the "subscription" is in the form of a $40 or more donation each year, which receives as a gift the biannual physical volumes and full digital access.
They're not the majority of course but options do exist that straddle both stakeholders' needs. Flipping the market completely on its head simply might throw out useful qualities that wouldn't completely transfer over.