What I do is add the compilation tag to the search. Once a tag is added, you can click that tag up top and select "not". This will exclude any videos with that tag. It's not perfect but it works for me and I've favorited the compilation tag to make it quicker to do.
@AlexSLR Hey, is there anyway we can get the ability to use tag filters inside our favorites playlist? I can't remember if we can use them in our own playlists (I don't think so), but I definitely cannot add tags to filter through my favorites. It be a really nice feature to have.
Edit- Alternatively just make a "favorites" tag that could be used in conjunction with other tags.