Currently you are unable to add anybody to the ignore list. It will give you a message that you can not ignore any more players even if you dont have anybody on your ignore list. I'm sure there might be more uses for this, but the following are just a few things that I have been messing around with. Have fun and Happy New Year.
For those people that are afraid of needing on all qualified loot for fear of being added to the /ignore list of other players and thus having a harder time finding groups through the LFG tool.
For those people that just like to randomly spam trade chats with nonsense/ascii pictures..
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Thumbs Up MMO
For those people that like to harass someone constantly with constant whispers...
Do it now while they can't ignore you.