An update to Live Favorites has just been released. sporting a modified UI and a few new features.

 – The ability to mark your favorites as "Top Favorites" which are denoted by the gold star next to them. (Screenshots 1 and 2)

 – A preview pane for viewing webpages within the Live Favorites website, however unless you have a widescreen monitor it appears difficult to use in its current form. (Screenshot 3)

 – A new toolbar plugin is available, which allows users to automatically synchronise their Live Favorites with their local favorites. (Screenshot 4)

Update: The team blog has more details.