People weren't making "friends" on digg for much else than spreading their content, so I suspect most of the networks in place aren't adding much value to me as a reader. V4 makes the process all the more transparent - publishers plugging in RSS feeds that autodigg each post is a far cry from a reader powered frontpage. And to be fair, of those first 10 redditors you miss, over half of them were me ;)
There's still a void between random links my facebook friends like and random links tweeters (?) I follow like that solves the signal/noise problem. Someone will fill it - I'd love for it to be newslily. Just promise you'll gank from Steve's commenting system, it really is top notch (in my biased opinion).