The friends list is pretty bland and I wouldn't mind seeing some more functionality and interactivity there, might now it's literally a comma seperated list of text links. I have some ideas, but I want to piece them together nicely before I make a post about it.
EDIT: Also, the friends list is also in a hard-to-find location if you are a new user. At first instinct, after glancing at all the tabs in the pink menu bar at the top, they might first look under community to see if there is anything lying in the community pull-down list. They don't see anything about friends there, so they start checking all the other tabs looking to see if there is a "friends" link in any of the pull-down list in the menu bar. They start getting desperate and even start checking the more obscure pull-down list in the pink menu bar link "Beatmaps" with no luck. After some thought, they figure their friends might be located on their profile somewhere. They scroll up and down their profile only to find nothing. They double-check by clicking the spoilerbox-like things ("top ranks", "historical", etc) and still don't find anything. They then click on the big "osu!" icon in the top-left corner only to find that only brings them to the homepage. Then PERHAPS after a long time of searching all around the site, they click on "Settings", which is a pretty unorthodox to put a friends list. Or EVEN WORSE, they click on "No messages", which takes to their private messages, then they see the "Friends & Foes" in the left navigation column and click on that, and they think that's osu's really lame attempt at making a friends page (but then again, I have to say, the actual friends list that shows who's offline and online isn't much better.)