Now we have the basic friend suggestions widget for BuddyPress based social network. It will display a friend suggestion list like facebook friend suggestion to the logged in user and the user can add new friend or hide the suggestions. All the credit for the idea goes to Gwu.
In the current version(I am calling it basic version), The possible friend list is built by looking for friends of friends and then providing the suggestion to the user.
Features:-
- Show suggestions based on the friends of friends connections
- Allow user to hide a suggestion from showing in future
- Allow site admin to limit the number of suggestion is shown at a time
For Future versions, I am considering the following possibility:-
- Allow friend suggestion based on the xprofile fields
Obviously the suggestions are randomized to avoid looking boring 
How about some screenshots:-
Friends Suggestion widget in available Widgets list:-
Friend Suggestion Widget Options
Friend Suggestion Widget Display:-
The widget does not supplies any css, so you will need to update the css according to your theme. The above look is from bp-default theme when we do not apply any css.