Alright, I apologize in advance if this particular feature already exist, and please tell me how to access it if it does exist, but. . . How about an "invisible" mode for when you're set to Busy or Away? It could be a toggleable(?) option under Chat or something. See, what this would do is make it so your Friends can't track you down on their Mini-Maps and World Maps(via the "Locate" drop-down box). You could even go as far as to set it so certain people whom you've befriended can't do it while others can, if you want. "Why would you need this feature?," you might ask? Sometimes, you just want to kick back somewhere and relax. Or maybe you're deeply involved in something -- Building, roleplaying, what-have-you -- and don't want your Friends popping in at random, teleporting and flying to your location, or otherwise making themselves known just because they're bored. It would be perfect for a few choice situations, if you think about it.
Anyway, as I said, if this already exists somewhere, please do tell me where and how. Otherwise, I'd really like to see it come to fruition.