I love following blogs - when Blogger made this feature available, I had no idea what a time saver it would prove. At that time, I was regularly reading maybe 3 blogs. As time goes on, that list grows - in part because I do seem to want my daily fix of other people's lives/observations/writing/recipes and in part because "following" makes it easy (that is, allows me to be a lazy reader). At present, I think I'm actively following 10 blogs - not many by blog reading standards, but a healthy amount from my busy B perspective.
I love that I can just log onto my own blog and see if anything new has come up. I don't have to click on my "favorites" list or type in the 10 URLs, I don't have to have fill my inbox with subscription feeds and I don't ever miss a post because the 10 I'm following aren't all everyday writers. I can log on and write my first scrambled thoughts of the day or my closing musings and catch myself up in minutes. Yes, I love following.