Facebook Lists are an optional way to you organize your friends on Facebook so you can filter the stories you see in News Feed or post an update for specific people from one part of your life, like your coworkers or friends who live near you.
To help you get started, Facebook has automatically created some lists for you which include: "Close Friends" ,"Acquaintances" and "Restricted".
Close Friends: You can add your best friends to this list to see more of them in your News Feed and get notified each time they post. You also have the option to turn these extra notifications off.
Acquaintances: This list is for friends you don’t need to stay in close touch with. People on your acquaintances list will rarely show up in your News Feed. You can also choose to exclude these people when you post something, by choosing Friends except Acquaintances in the audience selector.
Restricted: This list is for people you’ve added as a friend but just don’t want to share with, like your boss. When you add someone to your Restricted list, they will only be able to see your Public content or posts of yours that you tag them in.
Note: Your friends won’t get notified when you add them to these lists.
You also have smart lists and custom lists.
Smart lists use the information you’ve added to the Education and Work and Current City sections of your profile. So if you list Lagos as your current city, you’ll have a list with all of your friends who also list Lagos as their current city. You can change this distance to adjust the size of the list, or manually add or remove people from this list.
This list updates automatically as your friends update their profiles. For example, if 10 of your friends live within 50 miles of Lagos (according to their Facebook profile), they’ll be listed on your Lagos smart list. If 2 other friends change their profile to indicate that they also live within 50 miles of Lagos, your smart list will automatically update to include them too.
Right now, I have smart lists for my co-workers, friends that attended same high school with me etc. As a result of this, I can easily follow up on their updates.
You can also create custom lists to organize friends as you like. You choose who goes into these lists and what (if any) privacy restrictions apply. Note that you’re friends won’t get notified when you add them to custom lists.
I hope this helps...
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In my future posts, I will share with how to disable Notifications of friends you add to the "close Friends" list and other updates on new Facebook features.