Google Reader has "sort by magic", which basically does that by ordering posts by how much it thinks you want to read them.
Posts user A has read and liked would trickle though the social graph out to other users who have delegated to user A in on the related topics (or delegated to someone who delegated to A, etc). Sort of distributing the job previously done by a newspaper's editors out to the people I know and already trust in those sections/topics.