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December 4th will bring us the Xbox Live Fall Dashboard update and Microsoft has announced today that the biggest feature being added will be somewhat of a Myspace-esque social networking system. Called Friends of Friends, this new update will allow Xbox Live members to view the friends lists of people already on their friends list. Microsoft is using this to bring the community closer together and give members the ability to more readily find others to play with. Of course this new feature will raise a privacy issue so Microsoft decided to give us 3 options to choose from to limit this new feature:

1. Everyone can see your friends list (only available to members 18 and older)
2. Only friends can see your friends list only (available to members 13 and older)
3. No one can see your friends list (available to all members, and automatic for anyone under the age of 13)

Age restrictions apply but given the fact that your over 18 you can choose from all 3.

Press release after the break.

Microsoft is making it even easier to expand your Friends network on Xbox LIVE®, starting with the Fall Dashboard Update on December 4. You’ll be able to check out the friends lists of fellow Xbox LIVE members right from the Dashboard. With this new feature, members can find old friends or connect with new ones within the community of more than eight million people on Xbox LIVE around the globe and send messages and game invites, as well as compare games and Achievements.With the prevalence of social media websites such as MySpace and FaceBook, this type of capability has largely come to be expected from consumers as a means to relate in an online community. Xbox LIVE continually seeks new ways to better serve the expectations of its members, which often result in free enhancements made available through the bi-annual Dashboard updates.

Friends List Settings
When the Fall Dashboard update is distributed on December 4, the new default setting on Xbox LIVE will be active, enabling members to see the Friends lists of other Xbox LIVE members. If you’d like to keep your friends list private, you can take the following steps to change your settings beginning today:

Log in to www.xbox.com/fof and select one of the three options available for your Gamertag:

* Everyone (only available to members 18 and older)
* Friends only (available to members 13 and older)
* Blocked (available to all members, and automatic for anyone under the age of 13)

Stay tuned for more information about the Xbox 360 Dashboard Update later this month!