It’s Apple event time, and the team in Cupertino just announced a new addition to iOS 5 – Find My Friends.

Using the magic of GPS and WiFi triangulation, iOS 5 will now allow friends and family to keep tabs on each other, assuming all the relevant privacy and parental controls are set correctly.

Users can set quiet times, with Foursquare-like checkins telling your friends and loved ones just where you are.

More to come as the event unfolds, and with the iOS 5 release coming next week, we won’t have long to wait before we’re all keeping tabs on each other from the comfort of our iDevices.