Judging from a number of my friends on Facebook, most people use FB for diversions like Farmville, Sorority Life, etc. I figured out how to block those updates, and even block the game applications entirely. As if FB wasn't a big enough time sink.
However, that said, my FB updates tend to be mostly from news organizations (especially since the advent of my blocking game applications). I use the word "news" very loosely. That includes Martha Stewart Living, Backpacker Magazine, AMC Theatres, political blogs, and actual news sites such as the New York Times, the L.A. Times, the Guardian (UK), the Independent (another UK), and France 24.
France 24 (in the French pronunciation) gives much more international news than the other sites. However, it's all in French. That's a great way to keep my French from rusting to oblivion. Take this morning's update,