Does Facebook's "Friend Lists" functionality have a future?

I think definitely. when you have followed the Presentation of Google about Social Systems, than you know that there are 2 main limitations of these. first, how near a person is to you (e.g. how often you communicate with each other), and second in what context you know that person (in simple terms there are family, friends, work, etc). And when we go back to the famous useless status messages like 'the pizza was great yesterday' it may not be interesting for all of your connections. but its interesting for these friends, whom you told that you will try out the new restaurant. Question is, how you will find these friends. the friendlist was the first implementation. the Groups are another one. I'm specially interested in what Google plans on that field. The friend lists have a big benefit over the groups. They are only yours. and no one sees them. So, for example, i have a list called Colleagues, and for some picture albums i do not allow it for them to see. (you know, not every one of them needs to see such special pictures :-) And i encourage everyone to put their friends in a lot of lists. thats how you currently handle privacy and target messages in Facebook.

Definitely! We've done a web free application in order to help users to create their list. we calculate your groups based on your relationship with your friends. You do need to do nothing, we do the work for you. You only name groups and enjoy sharing content with whoever you want. We've finished the testing on our private beta version. fyc has succeeded within a 98,7% of users, so we think it's time to launch the public beta  version. Please, take a look and send us your feedback! http://findyourcircles.com

I am afraid Facebook is caving into its competition with these lists. One of Facebook's core features is its uncomplicated newsfeed. This update makes Facebook seem too much like Google+ for my liking