Yes.
Also via ehow.com:
>>urpose
The purpose of the Hide feature is to enhance your overall experience on Facebook. You can hide activity, friends, games and posts from your profile and news feed so they disappear from view. This is especially beneficial if you have a good friend whom you’d like to keep on your list, but who plays Facebook games that inundate your feed with posts. By hiding posts from that application alone, you can continue to interact with your friend without all of the commercial posts.
Read more: What Does the Hide Button on Facebook Do? | eHow.com http://www.ehow.com/info_8695556_hide-button-facebook-do.html#ixzz26q8gkzNK
(And you can also hide your own activity if you, say,
don’t want people to see that you Liked Mitt... well... )
I’ve blocked/hidden the posts from a couple of people without “unfriending” them.
You might consider creating a different face book “persona” for posting your interviews, etc, so that you won’t have to deal with the politics or personal stuff of the musicians you interview when you “friend” them so they can get the info you post.