When you click on the "♥Like" button found in a question/topi's page, the question/topic will be listed here.

Sadistic-Senpai-Loves-2-Offend's Favorite Tags

What can a Favorite do?

When you find a content posted by another user as interesting, you can click on the "♥Like" button to save it. You can easily find these saved contents in your Favorites list.