When I read your question, I remembered reading the answer in another thread on this forum. So I went to find the thread and copied it for you below. It's basically what skippymcnapper has already said.
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Re: What is the point of having a "buddy" on the forum?
« Reply #8 on: August 05, 2012, 08:48:21 am » Message ID: 582663
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It's a feature which makes more sense if you were allowed to share your email address publicly (you can't) and send personal messages to other members (you can't). At this point the only use I can imagine is to simply keep tabs on some of your favorite posters. You can click on their name in the buddy list to see their profile; from their profile you can view their latest posts. I know it'd be nice to have more features on here, but we have to protect member privacy.