This kind of sounds like hoarding.

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.