Ok, the "list" button now shows just my favorites. I'm not quite sure why. I'm pretty sure it showed ALL of the channels before, but I just went to the rename of the favorite group dialog and I think that may have flipped some flag in the code. Now it just shows my favorite TV changes and I can navigate through them. So that is only a couple of clicks to go to the next favorite.
Two other buttons would have been nice on the magic remote. One to record what I'm watching. The other would have been a "goto next favorite" channel.
Nemilose: I don't see a way to export the favorites, but there is a "flip order" button that would allow you to rearrange things probably easier than an export, rearrange, import operation.