I have 140 friends. I log in a couple of times a day. I have filtered all their crap. I want chronological order.
If I had 1000 'friends' who posted all day, then I would want a way more filtered and special-sauced feed.
Using the newspaper comparison, I imagine a front page with a promoted gizmodo story surrounded by ads for things facebook thinks I care about with a whole bunch of quick meme images "below the fold" liked by people I know.
Maybe if I flip through the eternal september fluff that floats to the top of the personalized newspaper long enough I just might see a relevant post from a friend with a low edge rank about how her daughter's cancer responded positively to treatment and is now considered in complete remission.