I should disclaim that we were building this exact tool under the domain Twundles and Twitter came out with this right as coding was going on.
While this new lists feature greatly simplifies sharing groups of people you want others to follow, and cleans up the confusing #followfriday, the public listing side is greatly messed up.
The issue comes around the naming and sharing of public groups. Since the groups are stored under the person that created them, you can have numerous lists that technically have the same name across Twitter. (the site Listorious shows this off accidentally.) The better option would have been unique naming with the ability to allow others to edit your list, if you so desire. You could open the editing to specific named Twitter users, those on the list or everyone.
While this would create a race to get the best list names and control of them, it would also streamline searching, finding and using the very best lists Twitter offers. There are countless lists already for social media, authors and even companies already forming. How the heck do I know which is the best or worst?
Naming and tagging of the lists is incredibly important as everyone scrambles to create their own. Being able to see the lists that just my friends created would have made sense also as those are people I trust already to provide information I want to see. I think Twitter jumped the shark a bit on introducing this and allowing the mass creation without walking through all the scenarios. When you need a site to list the best list of the multiple lists, something went wrong.

(image credit to John Hayden)
Private lists would not be affected by this idea I am suggesting. That topic is actually in the next posting tomorrow.