I disagree with the general statement and basically every sub point. - Indiscriminate Sharing I don't want to have to make a decision every time I want to share a link to something interesting about what subset of friends I'm sharing it to. I don't want to be pressured to create circles of friends for different things. If the idea is that there is some content you don't want a subset of people to see then it's a mist…
I like this point. Personally, I find that there's too much friction between choosing which friend belongs where and then further choosing the appropriate group when sharing content. I might just be lazy but it just doesn't work for me.
I also think there's a certain value in being well behaved when sharing content if you have people on there that you wouldn't want them to see, for example colleagues, managers and, more importantly, children. For example, I look after a 2.5 year old boy and I do not use curse words in his vicinity nor do I look at pictures of boobs when he can see. It's just not proper. However, I'm free to do those things when he is in bed and out of the way (with regards to boobs, I don't but me and my fiance will behave like adults).
Based on this, rather than a whole bunch of categories for your friends, why not set up certain filters? This could be quite simple: Do not allow friends under the age of x to see my content at all after HH:MM and before HH:MM. These can also be set on a per-friend basis so if you have a couple of colleagues as friends that haven't set their workplace, you can set something like this up for them too.
A way to only share to certain people is great but FB has this and it's adequate: groups. I founded a number of programming groups and I will share stuff relating to that to them rather than my news feed since it's more suited to them AND there are many people in there I'm not friends with. It's a great way to get good, categorised discussion and the added bonus of meeting new people.
As I said, I don't think it's very valuable, not in terms of technology but in terms of society, for people to be able to share unlimited amounts of content at all times which you wouldn't share to the whole public.
"- Facebook gets worse the more you use it..."
The disagreement with this is good too: it's the way you to use it. I use FB slightly differently but, as said above, setting up my programming groups and inspiring others to do the same has created a great community within Facebook and I can honestly say I've had some very decent conversations as a result of this, even with people I don't know or never met. This isn't what FB sells itself as but it can be done quite easily and I see value in that.