Well, there are filters where you can, say, put Great Aunt Edna in one and little Timmy in another. FB keeps changing them around, though, and doesn't tell you that you have go into your settings and filter every single person manually. It's a giant PITA, so I suspect most people don't bother.

It serves a purpose for people with a lot of far-flung friends and/or family that is all over the place, but that's it IMO.

I'm not fond of the "product" aspect either.