I actually like the Preferences/Administration split. For the most part, "preferences" describes stuff that is specific to my user (i.e. my personal preference

I actually like the Preferences/Administration split. For the most part, "preferences" describes stuff that is specific to my user (i.e. my personal preferences), whereas "administration" encompasses system-wide administrative tasks. Obviously the split isn't perfect, as there are some things that fall into both categories, but in general I find that I look in the right place the first time, most of the time.