I get the whole "Favorite" thing...but when you get higher ranked and learn more bad@ss spells and moves, that kinda creates a problem for combat. Say you have 20 of your best things in the favorite menu. Now mid battle your gonna have to stop and scroll through all that crap just to select a change in powers...then do it again a few seconds later. Gets kinda old and annoying spending 10 seconds trying to find that one spell mid fight over and over again. Need something we can hit "Q" and move the mouse in a direction to quickly change though them...like a radial menu.
It is there for (depending on user use) your favorites, as in.. your constantly used items, spells, etc. You can go to your inventory manually for all the rest.