There are currently two key filters available: Everyone (which provides too much) or Me & Friends (which doesn't provide enough). At the very least, you need to create a filter that combines Me & Friends with updates from the various groups and events of which a user is a member.
What's more, it would be nice if there was a way for us to create our own specific filter to add to the drop down (other than create new filter option which is based on hashtags, which aren't very usable.) There needs to be a better algorithm to determine what shows at the time of the timeline. New posts may be more valuable than random likes on posts that I may or may not be interested in. But if a post gets a lot of likes and comments, I probably need to know about it. I know you can change this in the ordering, but that is essentially an all or nothing approach, which is also unusable.
Finally, it would also be excellent if a user could specify their filter preference and not always jump back to the site default. Why isn't this customizable by user?