I'm always interested to hear how other people are keeping up with feeds. This is basically what I do now after much moving around of feeds. I've got my favorite people, people I know, people I "must read" (that's the name of the folder), and those sites that have a nice signal/noise ratio. Then another folder called "main" that is nearly everything else.
When I just need to keep up with the "must read" people, I can jump in and out. When I feel like sitting down to really consume some sites, I can dive into the "main" folder.