I've launched the initial version of FriendFork, at http://friendfork.appspot.com. It's still very rough around the edges (especially the initial setup process), but I think it's complete enough to be useful.
The main goal of FriendFork is to adapt the FriendFeed API so it fits a little better into Google Reader (at least for my style of reading). The main changes are to produce separate feeds for different groups of friends, and to replace FriendFeed's "Someone shared an item on Google Reader" links with the real Reader shared items (unless there are "likes" or comments). Since I'm rewriting the feeds anyway, I took the opportunity to make a few other improvements, such as the addition of timestamps in comments and better rendering of YouTube videos.
If this sounds useful to you, go to FriendFork to create your customized feeds.