In the favorites center you don't have to manually click on the folder to get it to close. It will close automatically when make your next selection. You can also turn the "menu bar" toolbar on and select from favorites that way instead of using the favorites center. Favorites using the "menu bar" behave the same way as IE6 - they tab out automatically.
edit - as e2e notes below, the "Close Unused Folders in History and Favorites" box must be checked in the advanced internet options for the folders to close automatically as I noted. It is not selected by default.
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