Lights on, linking to Amazon, twitter, bbc, gmail and reddit.
I like the concept. It's very visual, it's simple and instinctive to use; it sports a clean, minimalistic design and is easy to customise. Choose to link to as many or as few sites as you want, decide if you want to arrange them in a grid or as a scrollable/ static row. Tweak them: that site links to the BBC home page, want to link to BBC sport? You can amend the URL and still keep the BBC icon. Want to link to a page not listed? Choose one of the free icons and specify your URL, you can even change the colour of the icon.
Want to see it in black?
Lights off, linking to The Guardian, IMDb, New York Times, Slate magazine and Mashable
My only gripe about myfav.es is that clicking on an icon takes you directly to the site, I rather like my start page to hang around on one tab of my browser. You can get around this by changing your browser settings so that each link opens in a new tab or window or by clicking the wheel of your mouse rather than the left button. I'd like to use myfav.es more, it really fits in with how I like my browser to look and function, but I simply can't let go of my iGoogle page and the data it brings to me at a glance, although it is worth mentioning that you can have iGoogle as one of your icons. I've always thought that its large icons would make it useful to those just beginning surfing or those who just want to browse a handful of sites.
Use it or just admire it, it's up to you.