What is a Favorite Widget and how are they useful?
Favorite Widgets are assigned by you from the Site Editor. This allows you to store widgets, that you have already configured for use later on.
For Example; lets say you have a Text Widget with your Companies Logo in it on your home page. However, you will be running a promotional banner for a month and the banner will take the place of the Company Logo. In this instance you would be able to store the Text Widget with your Companies Logo in your Favorite Widgets. This way when your promotion is over you can simply go into your Favorite Widgets folder and add your Company Logo back to the home page with a few clicks.
For more information on copying widgets to your favorites, and applying them elsewhere on your website just follow this link: How do I copy a Widget?