Note: This is iOS only right now. It will be coming to other platforms soon.
This is great news! Facebook has introduced a way to actually prioritize who you see on your news feed (though it caps at 30 unfortunately). It has also simplified who you are friends with (anyone have crazy uninformed friends on their list? lol!) that you choose not to follow (or want to refollow).
It is very easy to access:
1: Go to the facebook App and click "More" in the lower right corner:
2: Scroll down until you see "News Feed Preferences" under Settings:
3: Viola! There you go. Prioritize away! But keep in mind Facebook inserts a star into your news feed so you can see who you have prioritized...but so can your friend/relative looking over your shoulder!