Agreed. If I was only facebook friends with the 10 people I really am interested in, I'd hardly notice the difference. I don't want to go through and remove all the loose friends I met in college one-by-one, though.
Twitter is much more relevant to me; I'm only following around 50 people, all of which I deliberately chose.
Same here. Most of my friends who have something interesting to say will contact me via IM/e-mail or I'll read it via Twitter.
So I'm left with a lot of status updates that... really don't resonate (except from a handful of key people).