Blogger Following and Google Friend Connect are great ways to connect with others - and to let them connect with us. But people change, and so do our interests. Like our need to manage who Follow us, we need to occasionally manage what blogs we Follow.
This, normally, isn't difficult. In the Classic GUI, go to the bottom of your dashboard, click on Manage, and you have a menu of the blogs that you Follow. From here, you can Add blogs to Follow, you can remove any that you currently Follow, or you can change your Following settings. The New GUI (2011) has a Gear icon in the upper right corner of the Reading List section of the dashboard, which provides a similar wizard.
In changing your Following settings, you can change between Following a blog anonymously or publicly. If you choose to Follow any given blog publicly, you can choose whether to include this blog in your profile, on each site where you Follow publicly. Don't make this change casually, if you are concerned about anonymity.
However, you can only manage your Following profile if you have chosen to make your Blogger profile public. If you have chosen to not share your Blogger profile, when you hit the Manage button to manage your Following community, you'll get a notice about "Profile Not Available".