Ok, so basically the Groups and Events module have been updated to filter the userprofile lists (e.g. Group members/Event Guests) by role, but I need to port these changes into the UserProfile module for the next version. Only then will this become more useful as a way of allowing users to exclude their profiles.
For example, you can currently have a role called "Allow Event Invitations" and only show this role in the Event Guest selection page. The users that are not in this role will not appear, and therefore cannot be invited (it's just a setting for each userprofile list view in all the modules.
In the next version of the UserProfile module, all profile list views (Directory and Friend lists) will have the filter, and then I will be adding a further filter to the UP detail page as an added check in case they hack the URL. I cannot say when this will be ready as I am in the process of upgrading PokerDIY/Smart-Thinker and the forums, and working on the latest events module (Event detail templating and "Invite to Events" in the meantime. When that is finished I want to release the new UP version with optimised SQL (I've been using SQL profiler on the modules and elimiating bottlenecks), Role Fitlering and caching improvements.