I do, my list is small and pretty manageable. Basically the people in the list are whoever I speak to on a regular/semi-regular basis in a chummy manner. Chances are that the higher the person is on the list the most likely I am to come after you if you're a bully to them. So it doubles as a warning.
I don't know people well enough on the sight to distinguish between friends and buddies here, and when I get to a point where I no longer consider them a friend, I'd rather take down everything than just that person's icon.
It also gives my features more value when I want to reward someone for donating to my contest or something