I am a big fan of the whole "if you cannot measure it, you cannot improve it" mantra, and while there are some edge cases it tends to work pretty well for the majority of cases.
So, I use:
1. RescueTime to track where my time has gone - after seeing exactly how much time gets sinked into FB/Twitter/App.net sor tof activities I, somehow unexpectedly for myself developed a particular type of anxiety - if I stay on those pages for roughly over a minute it freaks me out and I close it immediately. (I guess it's the realisation of wasting time is freaky).
2. PivotalTracket - to manage the priorities of tasks and to measure my "burn rate".
3. Evernote - I try to stick to the following procedure when reading/watching anything new:
1. Take short notes on stuff being watched/read. Express things using my own words, NOT copy pasting or typing same stuff I just read.
2. Create actionable items from what I read
3. Break those actionable items into PivotalTracket tasks
This helped to reduce the unnecessary news intake dramatically - in the very beginning of each article that I start reading I ask myself - "is it worth taking notes on?" if not - close the tab.
1. I only take notes on substantial material - something I can learn from - so for instance I don't take notes on news articles that I've read, but I do take notes on relevant to me blog articles, books and videos/video lectures.