As a user, if my friends post something I want to see it. If my daughter's karate school or my favorite band posts something, I want to see it. If they're spammy, I'll unsubscribe. I would like to make this decision for myself, not have it made for me. If it has to be made for me, I would prefer it be made based on some approximation of relevance and quality, not because someone paid $5 to spam me with it.
As an advertiser, Facebook has consistently promoted ads as a way to build a following via the 'like' button. So I pay Facebook to gain exposure to build a following of 10,000 fans and now I have to pay again if I want to reach them all?? Classic bait and switch. I wonder how many past advertisers would have paid to build up their 'likes' if they had been told very clearly up front "Just because someone likes your page does not mean they will see your posts in their news feed".