Find the party. Find your family. Or find a place to meet up after work. And if you lose your iPhone, iPad, iPod touch, or Mac, iCloud can help you find it, too.

Find My Friends is an iOS 5 Application that run on iCloud to enable users friends to see each others location.  Add a friends from your Address Book to Find My Friends and you can track each others location.

Meet up with friends at an outdoor concert. Keep track of the family during a day on the ski slopes. Or see when your out-of-town guest has finally made it past baggage claim. The Find My Friends app is a great way to share your location with people who are important to you.* Friends who share their location with you appear on a map so you can quickly see where they are and what they’re up to. And since Find My Friends works with Contacts and Maps, you can do things like find the quickest route to a surprise party — and avoid running into the birthday girl — all at once.

For now it seems like Find My Friends is only available on iOS 5, however let me know if you get it running on iOS 4.  To get the App, either visit iCloud.com from your iDevice, or simply search for it in the AppStore.

Strange really, heavily reminds of Google Latitude..