The buddy list doesn't do a lot, but it is a handy little feature for some people.

It's best use is probably as a means to quickly send pms to other members, without first needing to find a post by that member. If you have members listed in your buddy list you can select "Open Buddy List" under the "Quick Links" menu item and it will open a little pop-up window listing your buddies. From this window you can pm any or all of your buddies. You can also see which of them are online, and you can click on the buttons next to their username to view their profile in a new window.

Not everyone will find this feature useful, but some really appreciate it - especially those who find themselves using the pm feature often.