I like the idea of the Hot news selector in latest activity. It would be even better if Ning understood that it's better to show older activity rather than an empty Hot news, ...but they don't.

What I would like to see right next to that button is a "Friends" button. Click it and see all the activity of your friends only.

On my profile page I could have the same option to include my friends activities in the activity module.

Make sense?