I came up with the same idea recently, only I wanted to build it around StackOverflow, but this is much, much better :D
A note: You should separate profile and favorites pages, I don't like watching my own face all the time :D It would be more useful if favorites would get more space.
Haha, right on. Thanks for adding lots of good stuff btw.
I see what you mean - in the meantime you can click the 'favorites' link at the top right (instead of your name) and that will skip the profile section, unless you have a huge monitor that is.
I see, but I think they (profile and favorites) belong to separate pages.
Another suggestion: A flagging or some other solution would be nice for incorrect info (bad/missing tag, wrong description, etc.) so users could help you out marking content which needs improvement. Or like on SO, a user with enough reputation could edit tags, etc.
What forum software do you use? Did you wrote it yourself?
A note: You should separate profile and favorites pages, I don't like watching my own face all the time :D It would be more useful if favorites would get more space.