... so when you post a message, it's like sending 300-400 messages to up to 300-400 servers? Uh, yeah, that'll scale.
Unless each physical server is overloaded with busy nodes, I think it will scale well. There is a limit to how many friends that subscribe to an average user.
A possible improvement could be to have "repeater" nodes for popular users with tens of thousands of readers. Instead of sending 20.000 messages, you only send messages to 2-3 repeaters for example. The subscribers would be connected to the repeater node, and not the original node. I imagine that this could be controlled by setting a privacy level on your messages. Public messages would go to the repeaters, while private messages would be sent directly to your closest friends and family