Ironically, I do maintain a list of websites that I check every day for updates.
I think RSS is the greatest thing since sliced white bread, and it was killing me. I literally once spent an entire unemployed day reading what was in my reader. When I got to the end there was more, and I just kept rolling that rock up the hill. So that particular tool is wide open for abuse by me. "You can just skim the subject lines" never meant anything to me, it's all just so damned interesting.
My solution was to kill my reader, put a few "daily" bookmarks in my toolbar (this is one of them), and put a bunch of sites in an "often" folder which I'll browse when I have time. Which works better for me. Most people probably don't have this problem.
After the reading 'the power of less' I trimmed the number of feeds in Google Reader down to 10 + comment feeds for my own sites.
If I find a new feed I want to subscribe to I have to choose another to remove in its place. For instance instead of following different blogs which may occasionally discuss vim I follow the RSS feed for the VimLinks twitter account as my sole source of vim news.
This means I only follow the sites I'm most interested in but I spend longer reading new articles from them. For everything else, if something is interesting enough it usually bubbles to the top of HN or twitter.
I hace also been overloaded with things to read in my feed reader. I'm constantly cutting and adding feeds to try and keep the volume down. After all, I cannot read everything and am probably not interested in most of it.
Our generation and probably generations to come will have to think of creative ways to manage the large ammount of information we are confronted with on a daily basis. Perhaps coming to the realization that you cant follow and stay current with everything (I am not there yet).
I think on of the main problems in this area is, that if you personalize the information too much you'll live in a bubble. Thus you need to find a way to include important news outside of it.