I did much better this semester doing much less work than last semester.
Last semester, I read everything, sometimes took notes on the readings, took a *&^% ton of class notes, and had some big outlines. Meh grades ensued.
This semester, I read if I thought I was due to get called on, skimmed stuff most of the time, did shorter outlines, took way fewer notes, and got much better grades.
I think just focusing on whatever your professor decides to focus on is the key.