To Facebook's credit, they do allow you to set a threshold for filtering 'important' communications from daily spam. It's fully popularity-based, which makes it imperfect, but I've found it works great for ignoring all the drivel but not missing the big announcements.
Agreed. I don't know how "important posts only" are determined in Facebook, but it works well for me. I've got probably 50% of my FB friends on important only status. It makes the site much more pleasant to visit.
