It seems to me that it might be useful to have the questions you are participating in or following / favorited readily available from your home page. In order to go back to my questions I have to access my profile and follow from there. Since this might be a very common option, one might make it more direct: one could add a new tab "followed / favorited" or "participating" inside the "questions" one.
This doesn't exist right now, but there's some stuff in the works that may speak to some of these requests. Until then, there is a workaround, though! Here's how it works. When you mark a tag as a favorite tag, all of its questions on the homepage show up highlighted in blue:
The next part of the trick: if you click "edit" next to Favorite Tags, you'll be given the choice to add ignored tags. This grays out questions on the homepage from tags you aren't interested in:
Now, the third and final part of the trick: go to your profile page and click the "preferences" tab. There, you'll find a radio button that will let you hide questions in tags you've chosen to ignore:
This will leave you with a homepage that only has questions from your favorite tags and tags you have neither favorited nor ignored. The questions in favorite tags will still be highlighted blue. It's not exactly what you're asking for, but it helps to filter your homepage view a little bit so you're more likely to see questions you're interested in right off the bat.