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A problem with this is that iCal groups can only be one level deep (no groups-in-groups), so if you put OF calendars in an OF group, that precludes other grouping that might be useful, e.g. like I have set up:

- Computer
- - OF: emails
- - OF: web
- - OF: offline
- Desk
- - OF: calls
- - OF: reading

etc.