While not quite an official confirmation that we'll see an increase to Xbox Live's current 100 friend limit, Microsoft's Aaron Greenberg did come close to admitting that a friend limit increase is in the works.
Talking at CES, Greenberg told Joystiq that "I can't commit to when that will happen, but that is something we want to do. It's definitely something we're looking at expanding and, as this social network grows, we've absolutely heard the pleas for that. It's on the list."
We can haz friends list increase soon? Maybe. Until then, we'll have to continue to reject friends requests with a frowny face :(