Chronological becomes overwhelming so quickly, and some people post too much. I have tried a couple of simple algorithms:
1. Show only the latest post from everyone you're following, creating a certain level of fairness. Tried with twitter, somewhat effective, but misses important things.
2. Just visit each person you're following, at individually tuned rates. My current "algorithm". Works on every platform! I eventually see important news, but I'm sometimes slow.