Facebook can already do this and it's called 'Lists'. (Account/Edit Friends/Create a List). You just put your friends in 'Lists', and then each time you want to post something but show or hide it from certain Lists you can click on the padlock icon and choose 'custom - edit' and type in the name of the List before posting. This applies to both wall posts and photo albums.

Problem is I guess the average Facebook user doesn't even know about the capability. Google may come up with an easier to use UI for this, but Facebook can just improve their UI and give more weight to this feature in it.

Unless Google has a completely new model that Facebook finds incompatible to their model then this is just a 'feature'.