Don't know about building, but having a list of someone's friends must provide some excellent ammunition for fraud. Eg. you could do the Spanish Prisoner scam using peoples' friends' names. Most attempts would fail of course, but you'd be doing it in bulk over the web, from a safe distance.
You know that saying "everyone knows everybody over 6 other people", maybe something about that. Or: who of your friend's friend's friend's has the same hobby / whatever.