I play on the Xbox 360, and am loving the game so far. I think the favorite menu is a much better design than the hot key system in oblivion, but it could easily be better. There are 4 easy directions to click on the D-pad (up, down left and right), which could easily allow for 4 separate favorite sections. Its not a huge hassel, but once you get farther into the game its becomes slightly annoying to scroll through all your favorite shouts, spells, weapons and charmed jewelry. I think it would be nice to be able to separate into 4 personal favorite sections for even quicker access. What do you guys think?

I'm finding it more of a hassle to be honest. Then again I keep my characters lightly equipped, usually a bow, an axe, and one or two selected spells and/or shouts. If I could setup "sets" (left, right, and power) to assign to the eight directions I'd never have to pause the action again.

Yea that is true. pausing the action is partly annoying and takes away from the fluidity of the rest of the game. However, I feel this game is more balanced and allows players to use magic, melee and bows together nicely. Doing this allows for a lot for than 8 favorited slots, at least in my opinion. Maybe if up and down were favorite sections and the others were quick selects? Or would that be too clumsy?