An interesting concept I hadn't thought of: how desirable is it from an aging Facebook user to start off with a clean slate? Given the amount of people I now know in my age group complaining that no one on their Facebook feeds is relevant to their lives post-university, I'd imagine it's quite high. I know my Facebook feed has acquired quite a bit of cruft over the years.
I delete people and don't feel bad about it thus I keep my FB(s) to minimum friend levels. I see a difference between people I like and have met vs. people who I share life experience with. I've kept the latter on my principal FB and subsequently created a separate FB for the former. Only those on the personal FB know about the acquaintance FB, but not vice-versa, of course. I don't even switch back and forth much, keeping it at a 80/20 time split. It works really well, actually.
My problem is that I delete many people, but I still have divides in groups: family, friends, co-workers, distant connections.
Separate accounts seems to really be the only option aside from trudging through heaps of menus to make lists. I had a list relegated to family/distant connections, however I can't for the life of me find out how to configure it again, or find it for that matter.
Imagine this concept coming from school. I cant imagine the amount of bloat facebook will have for younger users. Having a thousand friends entirely from before college would make me jump to a new network as soon as it became popular on campus.