I use the term "friends with feelings" - but then again I identify as pansexual and polyamorous.
I'll be up front about it - I've never done anything like this with anyone. I'd really like to, but am not exactly optimistic.
My partner of over two years has friends-with-benefits (they're a couple, actually) and frankly it doesn't exactly tear at my heartstrings. We live a hundred miles apart and rarely see each other. Open relationships are better for college students, that much I've learned. But I do want this friends-with-benefits thing because of how my boyfriend explained it to me.
It's a matter of trust and love in the non-romantic sense. Obviously I applaud him for trying to explain emotions to me...I'm conscious that I feel strong emotions (and would in a situation like that) but I certainly don't know what they are or why, and I'm scared. I'm actually more than a bit scared of the entire prospect. This is complicated by the fact I'm good friends with a girl I frankly really, really like. A lot. We've even talked about friends-with-benefits while a bit tipsy (she has them too, of course, just my luck it's not me).
I really want that deeper level of emotional understanding and trust between two people. Neither of us wants anything serious, and she knows I really like her. It's perfect except I'm fairly positive she wants little to do with me beyond casual conversation. Oh well.
Also, in my opinion, friends-with-benefits is a consistent thing, not a one-night drunk encounter. That's called casual sex. I have nothing against that, certainly, just that if I were to do that I'd prefer it to be something we could do again, not be uncomfortable about in the morning. Certainly nothing that would include a "walk of shame" (term I've heard). If sex makes one shameful, then not mature enough to be having it. Simple. It should be fun and emotionally fulfilling. I know I feel emotionally empty most of the time, so that serves to explain my desires...