Enhance the use of Favorites category of Spatial References

Idea created by marek.dorsic on Oct 19, 2010
    The Favorites Spatial Reference Systems option was a great  idea.
    However it's use is very limited. Nowadays you can select a Spatial Reference (SR) from Favorites e.g. when setting a SR for Data Frame in MXD document. 

    But it would be nice, if one can choose a SR from Favorites always when a SR is asked. In ArcGIS 10  it is not possible e.g. when creating a new Feature Dataset, new Feature Class, Project geoprocessing tool and many other situations.