As lovely as the Xbox LIVE Friends List is, we’ve been clamoring for improvements. Microsoft today announced another new feature for the Fall Dashboard Update, and it is indeed Friends List augmentation. What it is not is an expansion of the list, which makes us sad. Instead MS will allow you to let other gamers browse through your own list of friends.

Microsoft touts it as following the social network models of MySpace and Facebook, which is a condemnation in my book. But personal dislike for lame social networking sites aside, I can see the advantage of the new system. You’ll be able to expand your Friends List to include people who are likeminded gamers, and any friend of mine wouldn’t wallow in the mire of online douchebaggery.

If you have a youngster on Xbox LIVE, or just want to keep things to yourself, there are options to control who looks at your Friends List. You can log onto Xbox.com and make some security choices. Viewing options for your gamertag include: Everyone (must be 18 years old or older), Friends only (must be 13 years old or older), and Blocked (available to everyone, and is automatic for those under the age of 13).

The new friend of a friend system will launch with the Xbox 360 Fall Dashboard Update on December 4th.