I look back on my Facebook usage as a cost / benefit tradeoff and in the end the benefits just weren't paying off.
I know exactly what you mean in theory however, no matter how much one views "status updates" inevitably you're drifting apart from those people and caring less about what they're doing, that's natural. I had less time for my closer friends. It felt artificial to have to stay connected, exhausting, though I didn't realise till I left.
One could check updates less, often, but then what's the point ?
If someone really wants to hangout they just contact me via other channels.
Contrast with realtime voice and video. (Facebook has those features but they're nowhere near as utilized. And they definitely do boot show up in feeds.)
Just because you're not willing to make time for someone doesn't mean you can't enjoy an evening of chatting and catching up when your lives happen to intersect.
That's a feature, not a bug.
I think there are a lot of positives to Facebook, but a lot of potential negatives for certain kinds of personalities (people who are negative or addictive). With the right attitude though, it's certainly helpful