Custom searches don't capture all of the good information that's out there because I may not specify the right keywords. It's ANTI-search that I'm personally looking for.
You are not going to catch all the good information that is out there with your follow list. So searching fills in the gaps(if your interested in a subject area or something). Twitter lists help too. (ie/ gather up all the people who are known to talk about x subject and put them in a list)
Exactly. I read every tweet I'm subscribed to, and therefore if someone has too much noise, I have to delete them, but as a result I miss the real gems these people post now and then.