So I don't know about anyone else, but the favorites system really breaks immersion for me. When playing my mage I hate, hate, HATE having to use the favorites menu during combat because it pauses the game, I'd prefer hotkeys and just pressing buttons. I Just don't see any advantage to the favorites system over hotkeys except for the fact that you can have more than 10 things favorited.
you can use the number keys to quickly swap between spells/weapons or whatever, its just complicated and not explained.
you first have to favorite some items, then go to the fav. menu - hover the mouse over an item and then press a number key (1-8). Now you can switch gear in half a second! its kinda nice.
spread the word.