I see your points' validity, Pachy, but I still feel like it's no reason to disallow something like this from happening unless this is really hard to implement which I don't imagine it is. What it all boils down to is that you don't want people to hide information here and sure, I can agree with that to some extent but people do have varying levels of privacy. If I'm uncomfortable with someone viewing who all I have for friends regardless of whether they're friends of mine or not, I feel like I should have the right to prevent people from seeing who I'm friends with. Maybe I fear my friends judging me on who my friends are. Not saying that that's any reason (and people like that shouldn't be your friends anyway) but there are plenty of valid, personal reasons why someone might want to hide something and the only argument against this is that they shouldn't hide stuff because people like to find out. I understand your reasoning, Pachy, but like I said I don't believe that's any reason to deny this option. People should have a right to privacy against all people should they so desire.
If it's at all possible, like Cassino said, I'd be fine with a staff-only option but noting that I'd prefer it to be higher staff only. Why? Moderators have very little to do with moderating people of the forums - they have their sections, and that's that. Yeah, I'm being apprehensive here but if I really want parts of my profile to be private then I want it private to everyone except the people that need to be able to see it, which in my opinion are SMods+. Not that I personally have anything against moderators but I recall even when I was a moderator, the only reasons I ever ended up thinking when I was able to bypass people's profile privacy was to be nosy and look at stuff about them, nothing related to my job at all. And don't things like PM and VM reports go to higher staff, anyway?
Just my ideas. I don't have any grudges against anyone but that's what I feel about it.