I got rid of the whole homegroup thing by making my network a Work network. I ended up deleting all the libraries so at least only the one Library root ever shows up. I then set up Explorer to start at My Computer by changing the shortcut target to
Check out this thread
I am actually using the Favorites and like it. But yes it would be nice to be able to move it towards the bottom, at least after My Computer, or that it would be collapsed when Explorer opens.
BTW, what build of Win 7 are you using?