I still can't decide on a good folder/organizing system for them, so for right now I've got "friends" (people I know), "stuff" (gadget reviews, woot, etc), "sex" (NSFW stuff), "work" (related to paying work), and then just everything else, which is a mix of news, commentary, interesting people, and other stuff.
I've left the worst offender for size and time in, the Freshmeat feed. It's over a hundred items a day now, which is a pain to work thru, but it's been so very useful to quick read, it's like condensed serendipity.
I also reorganized my LJ Default View, making it smaller and more impactful. I will avoid the drama of "OMG unfriending", but I had to get a handle on the time it was taking to keep up.
Several years ago, I mercilessly culled the pile of email lists I was on.
About a year ago, I unsubbed to most of the USENET newsgroups I was reading. A while ago, I really tightened down my Gnus filters, and now I'm pretty fast with the "kill this thread" keystroke. Bram Cohen was incredulous that I was actually still using it at all, and I have to concede his point. Maybe I just need to make a clean break entirely from rec.arts.sf.*. However, it remains a working venue of "voraciously expressed opinions different from mine", where the venue itself isn't controlled by one of the opinionators. (Thus my rejection of "Making Light" blog. The [P|T]NH's wanted a rasf*-lite where nobody was allowed to disagree with them.)
As for TV, I'm way "behind" and unlikely to catch up, or even want to. I'm half a season behind on Dr Who, several YEARS behind on BSG, and enjoying the season break on the array of tech/cop dramas I had been watching (CSI, NCIS, Criminal Minds, Numb3rs).
I do this cull, and get stricter and stricter, and yet, there is still SO MUCH STUFF to keep up on. But now with less "junkfood" reading...