Favorites is a browser-like concept that has been introduced into the Mac OS. Aliases of files or folders can quickly be added to the Favorites folder, which is contained within the Apple menu, via a contextual menu. This is similar to the Applescript event of making an alias to an item and placing it in the Apple menu, except it takes only a split second for a Favorites item to be added. This is one of those features that you'll either use a lot, or never.
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