To some extent, yeah. I'll only accept people I've actually spoken to in some capacity, so if people are just randomly adding me, they won't make the list. If they've made any sort of effort to get to know me, I'll probably accept.
I used to try to trim down my list all the time, horrified any time it went over 100. But you know what? I've been here over a decade now. <_< I'm allowed to make more than 10 friends a year, on average. I don't want to remove old friends even if they don't visit anymore and that shouldn't restrict new friends either. I think caps are, quite honestly, kind of weird... unless you only want to use it for quick access to your absolute closest friends.