I have three different computers I use on a regular basis. Favorites were useless to me because when I marked something on the web, I never knew if I was going to be using that computer the next time I wanted it. I discovered Windows Live Favorites.
Windows Live Favorites keeps your favorites up on a Windows Live server on the Internet, benefits to that? (1) they are backed up, and (2) they can be synced to each computer you use. It's Easy!
Simply install the Windows Live Tool bar from Get Live on each of your computers, it plugs into IE. Don't worry, if you're not bought into Windows Live Search yet, you can change the search engine it uses, but Windows Live, it's improved a lot!
Your favorites are automatically synced to the Live Favorite service, and then down to each other computer that has the tool bar installed. Bingo! just like that, your favorites are in sync across all your computers.
As an added bonus, there are sites, such as ZDNet that allow you to add links directly into your favorites.
But wait! It gets better!
If you use Windows Live Spaces, you can choose which favorites to share with your friends. You add the Favorite Widget, then the favorites you share are visible to all your viewers.
If anything has simplified my life, it's been the ability to have my favorites on all my PCs...