Sorting through hundreds of "friends" on a social networking site is a pain. That's why Google+, with its Circles, has taken off so quickly. Which has left Facebook playing catch-up with its new Smart Lists.
Smart Lists try to automatically sort your friends into more specific categories. First of all, you'll be able to manually sort people into "Close Friends," "Acquaintances," and "Restricted," with each seeing a different amount of content that you post. Beyond that, these Smart Lists will sort people into groups by things like your college friends, your work friends, your family, and your local friends. It's not going to be super precise, but should help you get the things you want out to the people you want them going out to. And that's helpful.
Via All Things D