Thought I'd give some feedback on how I use TM...
Not sure if my workflow is typical, but I don't use any of the Favorite features, or even Recent File/Project.
I use Alfred to open all my projects (via mate), and then everything inside TM is done via CMD+T
All my git is done via raw commandline, so I don't use the Uncommitted Files tab either.
For the proposed new dialog, I wonder if Recent Projects and Recent Files could be merged into one tab?
The icons will presumably be different anyway (folders vs files), and I'd guess most people are just going to use the search textbox to find the item they want, rather than scroll up and down the list with the mouse.
Its hard to say how the majority of people are using TM without some form of a survey I guess.