Sure, I know what is going on in the lives of my buddies from high school and college. I know when they have a kid, bought a house, that they switched jobs, that they moved out to Denver, etc. But I realized that I had learned all of this through passive consumption.
With the exception of three close friends, the vast majority of my "friends" list are people who I haven't directly messaged, spoken to, or even written on their "wall" in ten years. At this junction, I'm more of a voyeur into their lives then an actual participant.
I haven't deleted my FB account, but I have stopped browsing it. I've started to pick out people who I would really like to re-connect with and then using the platform to start real conversation with people and perhaps drop in for lunch when I pass through their cities. And then perhaps, un-friend everyone not important enough to my life to value maintaining that kind of a connection.