I don't understand the hoopla behind edgerank. Personally, I really like it. My feed is much cleaner. I get all status updates from the most important people in my life. And from other friends I get the most important updates. As far as sponsored stories go, I prefer to those ugly banner ads. Much better UX and lot of times sponsored stories are relevant to me.
It's advertisers that are frothing at the mouth. Personally, I think it's a very good thing Facebook puts the interests of users above those of advertisers, at least up to some point.