Provence said:
Well, what I meant by "me" is "everyone" :P.
But yeah, I only said that if we go with a private mode, then it should be done with consequence, that means nothing should be visible with any setting if it is hidden on your profile page. Well, except the things "you" are uploading. That should still be public to anyone (and probably also on "your" pofile page, although that isn't that important when it comes to "privacy" mode.
Still going to disagree with you :P
Once again, it's a not oft used feature. If you are that bothered by others looking through your favorites, use a favorite group -- that's what they're there for. That way you can still favorite all the stuff you're not afraid of letting anyone else know about.
Maybe that could also be included in the help page.