» Wed Jun 13, 2012 6:59 pm
Once you assign it to the favorites menu, exit back to the game, press up on the D-pad to open the favorites menu, hover over the item you want, then hold left on the D-pad or right on the D-pad. This should assign a 1. and 2. next to these items. Now you just hit left or right while in-game and it'll switch instantly, without having to open the favorites menu. Be aware, you only get two. Unless you have Kinect, then you get more options.
Damn Garrison64 beat me to it!