They are not distinct enough to be 2 different actions. Especially having 2 totally different pages is a horrible thing(notifications and news feed) Why not just combine 2 of them together and create more polished feed?
For now, I have to disagree. I only want to watch the libraries/projects that are critical to what I'm building. This is a very small set of repositories. I have wanted the ability to star interesting things for awhile.