I liked the hotkey function alot more than having to PAUSE MY GAME and go into my "Totally not an equipment menu" to choose my armor and weapons.
Simply, what I'm saying is the favorite menu is the EXACT SAME THING as going into your inventory and selecting your weapons, except you can bookmark your items.
as soon as a mod comes out with hotkeys, I'm getting it.
End rant.
But in all honesty I'm probably digging way to deep into something that's probably better than it sounds, and Bethesda will pull it off once again.
Besides, Every good thing they add > One simple bad thing.