Reddit.com/r/friends/comments is pretty good. I have a good little group of consistently insightful people I follow, and while the posts are mostly replies to other people (and not really "microblog content"), it's probably my most visited URL.
I find the use of muted words to slightly better the issue of receiving tweets from people I don’t follow. At least the topics their tweets are about will not be a topic I don’t want to read about.
I'd be ok with limited ads, but re-ordering the tweets and adding tweets from people I don't follow is just not worth dealing with.