Kip,
We've heard you (and the others) and are working on a better solution as we speak. I'm literally on the phone with Gnome right now. He's hard to understand over a phone btw.
We're looking at a more personalized approach and have narrowed it to two options:
1. Allow people to configure it the way they want it. Upside is great control and downside is it involves some set up by you guys.
2. Make it so that whatever view you had last on the site shows up next time you come to the site. Less control but zero effort.
In anticipation of your next question...
"Why don't we just do it 'right' to begin with (i.e make it latest answers and put them on the right, and latest questions and put them on the left)?"
let me say this...
If you are an active contributor to the site (and we love you for that) then your needs are slightly different from the people who are browsers of the site (i.e. readers). The latter prefer to have the favorites appears so they can focus on the best stuff - and usually they wouldn't know about what the best stuff was unless they read everything.
So...
The changes have not sat well with the active contributors (did I mention how we feel about you?) and we are going to fix that so you get exactly what you want (to the best of the Gnome's ability/time constraints).
Finally,
I'd like to say how much we appreciate the way you have all given us feedback. In true Questionland style, you have been kind when you were annoyed and always found something good to say to us. We really appreciate that kindness.