Personally, my only concern is that I continue to be able to privately favorite art that I like. Considering the fact that people may like stuff that friends may not, I personally like the idea of being able to favorite something without advertising it to everyone who may follow me as they may not like it as well. So, what ever solution you come up with I'm down for as long as the ability to privately favorite stuff is still an option.

If I had the choice, personally I would make a favorite button and a share button. Favorite would be put in your favorite collection while sharing would be you sharing art with whoever follows you and you could include in settings if the favorite is exclusively visible by yourself or if it's visible by people who follow you and view your profile. I know that sounds a lot like twitter but it works and it's incredibly easy to understand. ^_^

I'm also having the same issue. Since so many furs have switched over from FA, I now have over 500 submissions in my "whats new" section that I can't clear out. People are telling me where the clear all buttln is and it's not there... >_<