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Recently 9to5Mac and AppleInsider have published new evidences showing Apple’s work on a "Find My Friends" service that was originally discovered in iOS 4.3. "Find My Friends" is a location-based friend-finding service like Loopt and Google Latitude. The strings (embedded above) seem to confirm those suspicions:

It includes references to standard social networking functions, like a list of people a user is "following," as well as "pending" and "accepted" follower requests. The code also mentions user statuses, updates, blocking of users and removing followers.

"Find My Friends" will allow you to find your friends who near you in real time by leveraging your mobile phone's GPS signal and using constant updates. This service will also allow you to "follow" or be followed by others.