They've merged the 'friends' with the 'subscriptions'. You now have to 'subscribe' to your friends - at least the ones you want to see on your homepage activities. You are one of my 'friends' that I subscribed to, Andrew. Do you see that on your homepage - like did you get some kind of message that I subscribed to you? Here is the link that makes it easy to 'subscribe' to your 'friends'. http://www.youtube.com/subscription_manager/friends
This is how you are able to see your friends/subscriptions activities on your homepage. Your activity on 'your' channel shows up in the 'feed' tab on your personal channel.
Ah, I see, thanks. I did get a notification that you had subscribed.
Friends are now becoming part of subscriptions. Subscribe to your friends to see their activity on your homepage.
I liked the way it was before: sometimes friend activities turned up an interesting video that I wouldn't have thought to look at. I now feel I'll have to go through my friends list (which is pretty large) and work out who I should subscribe to. If I subscribe en masse I think that means I'll end up getting lots of irrelevant email notifications which didn't turn up before, simply as a consequence of maintaining the ability to view all friend activity on the news feed: I've not been especially selective about accepting or declining friend requests other than declining obvious spam. I'd rather keep friends and subscriptions separate: I think they are unrelated entities.