is this possible? something for each member that tells whether they're online or offline? I think it would be beneficial.

they have that, but most people have themselves on Invisible Mode now so no one can see their status.

Id like to have that feature but, just to let me know whos on, on my FRIENDS list, rather than everyone on the site

You can see if your buddies are online through this link:

http://www.sitcomsonline.com/boards/misc.php?do=buddylist&focus=1

Quick Links / Open Buddy List