Yes its more likely now we'll send 'character wide' invites of your current friends list. We really don't want peoples friends lists being completely wiped, so the side effect is that if you have 'stalker friends' they'll get sent as invites also. So you'll need to remove those soon if you don't want them sent out as invites. There's no perfect solution here, but we're thinking we'd rather not wipe all friends, especially for people coming back after a while to no friends any more, ones they can't even remember the names of lexically. If people have each other added as friends they may well be auto-accepted as each others friends right away. Also, you'll need to re-invite friends as 'account wide' if you want them that way after this revamp.
Its not ideal but we're thinking this is the best solution, and most important is that the friends list is sorted to a nicer thing.
Those complaining about not being able to 'stalk' people any more in this fashion, well its not really what the friends list should be for, and what you're then really asking is for something different, more of a 'locate' / notify online character finder. The /who command allows that a little.