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While it is true that the 'news feeds' is the most frequently used item from the drop down where my name is, I don't think it quite qualifies to have a separate button. Personally I use that feature a few time per day to be sure I've read everything of interest.
Personally, on our forum, I would like to keep that where it is so people cannot follow each other around too quickly and argue with each other. It slightly discourages that by keeping it slightly more difficult to use the newsfeed.