I like the spirit of this post, but I disagree strongly that you should favor everything you see. I love browsing my activity feed, so I follow people who show me great things. I would quickly unfollow anyone who was flooding my feed indiscriminately. I do not follow heart-bombers, people who favorite lots of things from the same shop at the same time, or anyone with tens of thousands of favorites.
But I do think it's important to have followers and favorites, and show that you're a part of this community!
I even have a site widget that helps me see who from my follower list is actually following me back - anyone can use it :)
http://spacefem.com/etsy/followback.php