Favoriting is not a new Twitter concept — but it kicked off last year when you were able to instantly tell the writer of the tweet that you liked it. In the past, favoriting a tweet was only known to you (or to someone who clicked into your favorites). Now, if I tweet something and you favorite it, I’m alerted.
Think of a Twitter favorite as a Facebook like.
You do it because you identify with it.
People tend to favorite tweets because they want to save it for future reading, it is funny, or it could spark a future tweet or blog post.
I analogize my favorites as LinkedIn testimonials. If someone tweets something noteworthy about me (or if the person tweeting me is noteworthy such as “The Voice” Season 1 runner-up Dia Frampton), I add that tweet to my list of favorites.
Whatever your reason for favoriting a tweet, or whether or not you do it, be aware that you will now be notified when someone favorites you — as the top of the following screenshot indicates.