Favorites - Games I am super into at the moment. List changes all the time. Left 4 Dead 2 and Street Fighter IV have been mainstays.. The Telltale games stay there while their specific seasons are active.
Trash - I keep this folder minimized. It is a collection of indie games I have no interest in ever playing (Crayon Physics Deluxe, ten different versions of The Ship, etc) and games that have been made obsolete by directors cuts and game of the year type editions.
Then I just have everything else.
This is what mine looks like, for the exact same reason. I get tired of looking at all that HumbleBundle bullshit. :P