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Although slightly sceptical I've now re-arranged my feeds in a similar way:
In the process I've also carried out a serious prune from 708 feeds (277 inactive, 81 unreachable) to 232 feeds (29 still classed as inactive by Feedly, but kept because they still look reasonably fresh).
An immediate advantage of this layout is that it completely eliminates the momentary pause whole working out what folder(s) to put a feed in - the social distance measure is entirely subjective and I didn't find a single one where I didn't have an immediate sense of where to place it (especially remembering that everything is miscellaneous, so if in doubt E999!)
I now wait to see if the reading (and more importantly, the filtering to surface relevant information) is also improved.
Ton also suggests we get back to the spirit of the original blogroll - I want to build something that will pull my OPML from Feedly and incorporate it into the site - in the meantime here is a static export of my feeds as of today - OPML.