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There is enough reason to have the Buddy List. The members that have invited me to be on their buddy list will obviously not be ignored unless there is a reason for them to be, even if it is on and off.
Chad, as you mentioned, we will have fast access to those members profiles; thus it shouldn't be exclusively used for an "ignore list."
I'm not really noticing a difference. Obviously, the people on my buddy list are not ignored...but neither is anyone else. It's just now...I have a list that sits up there in the top menu for me to click on. But other than that, nothing happens. I went in and set the alerts on some buddies to see if anything different occurs when they come online or leave. Still nothing different.