I've done a pretty large friend cut.
I've removed people who I don't feel close to, basically people who either update a lot but rarelly comment, people who I have a hard time commenting on their LJ because I don't know what to say, or people I rarelly interact with, for whatever reason.
I don't really think it will be a problem for those who have been removed as in any case interaction haven't been bidirectional for the most part.
Also, if we're not friends anymore, can you remove me from your flist? There's 64 persons (!!!) who list me as a friend, even if I don't list them back. All my posts are private (except public announcements like this one) so you can't really read my LJ. Thanks.