The usual case. I have a simple app that will allow people to upload photos and follow other people. As a result, every user will have something like a \"wall\" or an \"activity
If your application is successful, then it's a good bet that you'll have more reads than writes - I only upload a photo once (write), but each of my friends reads it whenever they refresh their feed. Therefore you should optimize for fast reads, not fast writes, which points in the direction of a denormalized schema.
The problem here is that the amount of data you create could quickly get out of hand if you have a large number of users. Very large tables are hard on the db to query, so again there's a potential performance issue. (There's also the question of having enough storage, but that's much more easily solved).
If, as you suggest, you can delete rows after a certain amount of time, then this could be a good solution. You can reduce that amount of time (up to a point) as you grow and run into performance issues.
Regarding storing serialized objects, it's a good option if these objects are immutable (you won't change them after writing) and you don't need to index them or query on them. Note that if you denormalize your data, it probably means that you have a single table for the activity feed. In that case I see little gain in storing blobs. If you're going the serialized objects way, consider using some NoSQL solution, such as CouchDB - they're better optimized for handling that kind of data, so in principle you should get better performance for the same hardware setup. Note that I'm not suggesting that you move all your data to NoSQL - only for that part where it's a better solution.
Finally, a word of caution, spoken from experience: building an application that can scale is hard and takes time better spent elsewhere. You should spend your times worrying about how to get millions of users to your app before you worry about how you're going to serve those millions - the first is the more difficult problem. When you get to the point that you're hugely successful, you can re-architect and rebuild your application.