You're basically asked whether you want to move people into two lists: Close Friends and Acquaintances. You'll see pretty much every single action your close friends perform on Facebook, and you won't see anything from your acquaintances except the important updates (i.e., ones with lots of likes / shares / comments).
That's nice and all, but I am friends with everyone on my Facebook because whether we're best of friends and interact with each other every day, or once a year, I still want to keep up to date with them.
https://www.facebook.com/friends/organize
You're basically asked whether you want to move people into two lists: Close Friends and Acquaintances. You'll see pretty much every single action your close friends perform on Facebook, and you won't see anything from your acquaintances except the important updates (i.e., ones with lots of likes / shares / comments).