Okay, so this is my second time through the game (I think my first time through was a year ago), and I want to get all the figments. I am missing one on Waterloo World (I've triple-checked it extensively). The figment itself is on page 3, row 3, column 4. Thank you for any help!
edit: nevermind, haha, thanks.
For future reference, there is a text file someone put together listing the location of all figments.
It can be currently found at:
http://db.gamefaqs.com/console/xbox/file/psychonauts_item_fig.txt)
The figment (which it looks like you found it) was a Great Fairy figment which, according to the figment document, is one of the more difficult figments to find in Waterloo World. Congratulations on your find.