When does something cross the line from "system wide driver/configuration" to "user specific data/configuration"? If absolutely everything should act like a separate device you might as well dual boot or use virtual machines.
One of my scenarios for shared data is that when I'm working i want to listen to my music, but when i have a party i want to use the same device as a jukebox with the same music but not open up access to my documents. I know that i'm not alone with this problem. Trusting your friends to not dig around is another topic but with pop up notifications and active widgets on the desktop even your most trusted friends might get private emails shoved in their face even if they are trying to avoid them.