Differentiation is important, but we have to be prepared for an outcome that shows underlying biochemistry that is common (in part or in whole) to both M.E/CFS and to psychiatric illnesses, which is causative of M.E/CFS or in some way mediates the symptoms of M.E/CFS.
Sure. Unless you buy into the dualistic approach, there will be biochemical pathways in common with psychiatric illness, for every disease from cancer to Amyotrophic lateral sclerosis. This is not the same as saying these pathways are of primary importance.
For instance the occurrence PEM and variable hormone release maybe gentically modulated responses to a common insult, which differentiate individuals into groups that on one side are characterised by major depression - acute or chronic, and on the other by chronic malaise.
That has been the working hypothesis of many "mainstream" CFS researchers over almost 25 years. It has borne no fruit. Perhaps because it isn't such a useful hypothesis, or perhaps this is due to the chronic underfunding of medical research for this disease.
By the way, merely stating that stress is a risk factor is unfalsifiable and not useful scientifically. However looking at biochemical stress responses in a compehensive longitudinal manner is a little more useful.
Now cortisol measures have been shown to reflect anticipated stressors during the day and therefore reflect activity levels to a degree. The literature shows that healthy individuals have significantly lower cortisol response on days of rest, particularly on the weekend as compared with workdays.
MDD/Anxiety, is associated with high UFC and waking salivary cortisol compared to healthy individuals, when both tested on workdays and so this finding can be considered specific and potentially useful.
Comparing CFS/ME patients to healthy individuals on workdays however is not such a bright idea and reflects poor study design. This is because most CFS/ME patients are not working and have generally uneventful days and so the low cortisol findings are nonspecific. This suggests that while stressors could have been part of an initial trigger, it is not a perpetuating factor in most patients. There may also be a subset of CFS/ME patients with Addison's disease like pathology and so this may dilute such findings.
One may however suggest that low activity is a perpetuating factor, the idea that such activity will stimulate the body back into a normal equilibirum. This seems to be the working hypothesis of many psychiatrists, but strangely the results on self-report questionaires in RCTs are usually not replicated in objective measures of activity. Nor are the improvements quite so impressive in a clinical setting (see the Belgian combined CBT/GET n=593 study - activity levels did not change and less patients were working at the 6 month followup, compared to baseline). The CBT results also seem to disappear in 5 year followups, unless the patient continued to recieve treatment (and still didn't lead to a cure for those patients).
But there is plenty of evidence on the contrary to the activity hypothesis. Merely increasing activity, without CBT style cognitive conditioning doesn't seem to help.
http://www.ncbi.nlm.nih.gov/pmc/articles/PMC555551/
A more sophisticated approach by Jason et al. found that activity increases can be beneficial, provided one remains within ones "energy envelope".
http://www.ncbi.nlm.nih.gov/pubmed/18578185
But those improvements are only significant for a minority and it isn't likely to be (near) curative either.