I am no fan of IE. I much prefer Firefox, Chrome and Opera. Version 8 of IE was OK for most stuff and I have to use for certain tasks at some customers offices.
Today, after a reboot of my machine, my favorites were "lost". After some searching, I found them in a new C:\My Documents\Favorites folder. So, after this discovery, I moved them into their new position and done.
If you are running Windows 7 or 8 and want to set up a new location for your favorites, follow this link for the simple solution:
If you are running a computer with a SSD drive, I highly recommend moving your documents and swap to a spinning secondary drive to avoid needless wear and tear on the SSD. I will be doing this on my home machine by the end of the month when I upgrade to Windows 8.1.