The "favorite tags" list takes a very important and potentially very large real-estate on the screen. As an example, here's a screenshot of my current favorites on Gaming, which takes the entire area above the fold:
And that's not even counting the ignored tags!
Now, I realize that for some users having the favorite tags list readily available is apparently very convenient, and indeed on a larger site like stackoverflow browsing according to favorite tags is probably very common; but on the smaller sites I have a feeling it's pretty rare - I never do it - and this wastes a lot of screen real-estate in a way which seems awfully wasteful to me.
Is it possible perhaps to give registered users an option to hide this part, or maybe to change it to some sort of scrollable / expandable list?