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Friend Lists let you group friends to more easily share with and view information from specific sets of people. You already can use them to filter your home page, send Inbox messages and manage privacy settings. [Source]Friends are listed alphabetically and within Facebook Chat you can change settings, including - Go offline, Re-order Lists, Pop Out Chat, Show Feed stories in Chat, Play Sound for New Messages, Keep Online Friends Window Open, Show Names Only in Online Friends.
Hopefully this will also make the transition to the Facebook iPhone app in due course! Whats also impressive is that when online with Facebook Chat, entire notifications will appear automatically and in real time above the Chat bar as pop-up alerts.