I hear what you're saying, but...
There are alot of people who use libraries, college PC's etc. that don't necessarily have access to use their own software for chatting. Besides which, I can think of a number of good uses for such a system...as an example with private messaging, you can build a drop down box (or multiple select) of users so people don't have to type in usernames. You can also use this feature to restrict simply typing in a users name and flooding their "inbox" with ridiculous repetitive messages, it adds a form of security to the Private Messaging system. Or say you're running a B2B site and you want your users to be able to communicate easily and directlywith each other through your site...without the need for Chat software...I can think of unlimited applications for a buddy list that don't involve chats. Or with this in conjunction with the Who's Online feature, you can build a table to show users on login which of their buddies are using the board. The private messaging though not as fast as say for example ICQ, does emulate the ability to quickly send messages backand forth to one another. It may not be a great idea, but that's why I'm asking...though myself I feel it creates a more personalized user interaction on your site...being one of the primary reasons for returning visitors, it could be a useful tool.

I guess my use of the words buddy list have a predefined notion and wasn't the right words to use, but the idea is to personalize the user experience while using your site, allowing users to create a list of users they interact with on a regular basis through the message board does this, and this is what I meant by buddy list.