The buddy list is used to keep track of the friends you have made on e-budo. By going to your "My vB Home" (go to the change profile page), you'll be able to see which of your friends are currently online, and be able to send them a private message.

Ignore lists are used for those people who's messages you wish not to read.

By adding someone to your ignore list, those messages posted by these individuals will be hidden when you read a thread.

For instance, if you don't want to see messages from a member named "StinkyMonkey" you would add his name to your ignore list and POOF he is gone!