Agreed. This works surprisingly well if you only care to follow a few friends and family that you know might not post that often. This way, I check Facebook only once a day without having the urge to follow the lastest trends.

Wouldn't FB be a ghost site like myspace or G+ if everyone is unfriended?

There's a difference (on FB at least) between being "friends" and "following" someone. If you unfollow a friend, you'll still be connected, can communicate, see events, etc, you just won't see their posts in your news feed.

Well I certainly didn't know that.

Is there a way to make it so it screens out all the content that comes from content factories ("You won't believe....!"), but still see things such as pure text or user-created photo posts?

You can unfollow individual sites. There's a down arrow in the top-right of a post, you click it and select 'hide all from clickhole'.

I unfollowed a bunch, and now I rarely see that kind of thing.

You can also use "fb purity", an extension that can hide posts based on string matches. For example "liked a post", "commented on", and other annoying things fb fills the feed with