There are labels to the right of the profile name - Friend/Peer/Partner/Acquaintance/New person, it changes if you're dragging the slider (on the screenshot above). People questioned whether it's intuitive... I'd say never mind, the issue is too minor without the actual use or feedback atm.
I’m thinking about actual use fwiw. I remember @Martti Malmi had this in Iris version 0.1 and it was overkill. So he switched to just “friend or not friend” and when you follow someone it just assigns the friend for you. Maybe there is a happy middle ground though. Can I just select what they are without thinking about numbers? Remember MySpace “Top Friends”? Analysis paralysis haha