Friending policy: None, really. If you want to follow my journal for whatever reason (most likely because you like my fic, because that's what 90% of it is), go right ahead. I may or may not friend back. This has nothing to do with what I think of you as a person; it'll depend on if I want to follow your journal. If you mostly post fic for fandoms/characters I don't follow, I probably won't. If you mostly post about your private life and I don't know you offline, I probably won't. If I do friend you back and you later drift into other fandoms, I may defriend you, but that won't mean I like you any less. If you stop being interested in my content, I won't be offended if you unfriend me, either.
In a nutshell, I think the term "LJ-friend" is a misnomer. I have people friended whom I know nothing about besides that they write great crack, and I have people not friended whom I actually like, but who post mostly fic in fandoms I don't follow and post all their DW fic to a comm where I'll see it even without friending them.
I'm terribly unemotional about the whole friending/unfriending thing. I view it more as a subscription to content I want to follow than any kind of personal connection. Sorry if that offends anyone, but that's how I use the feature.