Without the activity stream, following someone seems pointless :(
The other question would be why have the menu entry if it leads to no sensible result? I do miss the activity stream as well, and it telling me that I'm alone and to add more friends when I am following quite a few people seems pointless to me.
Have a lingot or two :)
I was following someone because I really like the answers and explanations he would give to questions about his native language, but it just doesn't work the way that it did now.