In a phrase - I've sorted my friends.
Facebook lets you make lists of friends (go to top blue bar, hover over friends, pick all friends, then click on "make a new list). After you have made your lists, you can use the lists to see the updates from just those friends. All you do is click on the list name on the homepage. So I've made lists of my immediate family, my extended family, Shane's immediate family, his extended family, friends from high school, friends from college, friends from grad school, work friends, SLC friends, etc. You could make a list of "people whose status updates are always funny" if you wanted.
You can also click on the type of update you want to see. For example, if you only want to look at all the awesome links your buds post, click on links. If you just want to see pics, click on pics. (These are all on the left-hand side control bar).
I don't love the new FB homepage, but hey, change is life, life is change. I deal. :-)