(Well, if you think Southampton's the fair young man of the sonnets, they do know each other pretty well.) But anyway, I think Forest represents Southampton as someone who holds artists in very high regard and prepared (to an extent) to break social rules in their company, hence the freedoms he allows Shakespeare. It puts Shakespeare in the role of Fool, of licensed truth-teller, which is a very ambiguous one.
Re: Marlowe/Essex/Southampton/Shakespeare