Google+ really was on to something with its circles: My friends are easily divisible into groups, and, apart from life events like getting engaged, what I want to share is only really relevant to a specific subset. I know Facebook has groups you can share specific things with, but it's not a feature Facebook has focused on, so even I don't really use it. I could use google +, but no one else does, and there's not much of a point to shouting into an empty room.
I have found, however, that my Facebook experience has greatly improved once I started hiding posts from people i don't care about as much from my news feed. There are people I still want to be able to check up on now and then, but I don't want to see 99% of the things they have to say. It's like unsubscribibg to junk mail; it makes everything feel wanted and relevant.