So far I've found my most frustrating piece is that I have no clue if my friends can actually play a game with me or not. For example, if I select Demigod, I can be fairly certain that most of my friend list has Demigod, but I have no way of knowing. For a less common (at least as far as the Stadrock crowd) like Left 4 Dead or Civilization IV, I can still choose from all of my friends list even though none of them have it.
I know there is that "show people who don't have the game" option which I guess in theory might be turned off. But I just want to be able to look to see what games they have (provided they let others see their game list of course). It could be I have a game that I never bothered to install (or detect with R2P) because I did not think other people had it.
Perhaps on a per-game basis. Like select which games you tell others you have, in case there is a game you don't want others to know you're playing, but still want to let them know you're happy to play your other games with them.