So I'm pretty liberal with friending people. I'll usually only reject a friend request if it's some random beggar harassing people in front of the AH, or someone who is otherwise clearly a dick. This has unfortunately lead to my friends list filling up, as I just discovered this evening when trying to add another friend.
I'm not sure why this hard friend limit exists, but I would like to see it raised or eliminated. Granted it wasn't too hard to go through and whittle out the friends who hadn't been online in a few months thanks to the last login tooltip thing (thank you!), but all the same I really shouldn't have to, especially since I'm half liable to forget what nickname an RL friend who only plays once every few months uses and delete them by mistake.
Also, it'd be nice if we could add notes to friends list entries, like "this is really , don't delete this friend" or "just some random dude I don't actually know, delete at will", but that's already been suggested in other threads.
+1 Also increase guild size.