In my experience, Facebook primarily shows me boring memes (probably because they get liked/shared a lot) and often buries generally interesting news (births, etc.).

By the way, I believe that some filtering might be necessary. It seems that when I joined Facebook there were far fewer memes and 'folklore' posts (we have a nice word for that in Dutch: 'tegeltjeswijsheid'). But that would be a user-trained filter, which is not interesting to Facebook.

So, I agree with both camps: we need filtering, but Facebook's filtering is rarely good, because it's not aligned with my interests.