I think I would pay $1-2/mo for a custom algorithm that eliminated ads and sorts content the way I want. But Facebook probably makes more money on certain users then that anyways.
It wouldn't be difficult to build a downloadable tool that kept your data on your own machine. RSS/Atom feeds + machine learning based on your own votes. You could integrate things like your email inbox and chats if you wanted to have a private timeline of what was going on in your life.
It would be a good Free software project.