For me Facebook is basically a second email and repository for event invites.

Even before the update, the news feed being a single dynamic page of brief frequent updates means it wasn't scalable. When I had 10 or less connections, it felt useful, but now that I've got a big list, it's fragmented at best and I lost interest.

Plus it's harder to have a full on flamewar meltdown when no one post has any weight.