There is no right and wrong, but the fact remains that watching a carefully curated TV program featuring your friend is not keeping contact with your friend. It is watching your friend play a role on TV.
Hey, if that makes you happy, I'm not here to judge. It makes no difference to me if someone likes watching TV and is able to feel a connection to the players shown. But I think for most people the novelty of seeing their friend on TV starts to wane over time. I think for most people friendship requires mutual reciprocation and involvement, not glimpses of the person appearing on their TV each night.
Maybe I'm way off base, but from a business perspective, it seems Facebook has to maintain its attractiveness in spaces where competition is already high, and where there is little barrier for users to switch to on a whim. The network effects that have allowed Facebook to become what it is do not seem to be there long-term.
Mostly one to one, meaning more time investment if you want to reach a bunch of people with some news. Or maybe a mailing list you'd have to manage (which can be quite a chore thanks to spam). Dependency on high/reliable bandwidth for the video-char route. Again, utility to one might not equal utility to others. Some people have less free time to do everything in the way you or wybiral might, or maybe they just have different preferences. Maybe they actually enjoy seeing two of their friends who would otherwise never meet discover a common interest, or maybe even have a good argument, in the comment thread for something they posted. Maybe they're perfectly happy with "short snippets concurrently mixed together" and would derive less utility from your alternatives. It's awfully judgmental, and even a bit privileged, to assume that you're doing social life right and they're doing it wrong.