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I'd like updates to favorite questions to show in the recent activity page, just like updates to my own questions are shown. As it stands now, favorites are little more than bookmarks, that require manual polling to check for updates.
your favorites view now has a "recent" sort (versus the "newest" sort which is based on CreationDate).
if you favorite a question, you opt in to updates on that question and they will show in your /recent/ and light up the envelope, just as if you own the question.