Basically what you're missing out on is "subscribing" to non-friends a-la-Twitter, horrible page layouts, numerous bugs, and way too many options and configurations.
No Facebook, I do not want to manage my friends as if this is some kind of war room. Stop it.
And someone please let Zuck know that we're not in 1999 anymore. Floating frames and detached sidebars are a UX abomination.
Facebook is panicking and shooting in every direction.