When you choose Favorites --> Add to Favorites, the Name field in the resulting dialog box is populated by the contents of the <title> tag of the webpage you are on, but minus any colons that might be part of it. This can substantially change the meaning of the phrase you have chosen.
Once again, Microsoft shows how oblivious it is to the concept of an accessible web based on standards. The web needs to bend to fit IE, not the other way around, goes the thinking in Redmond.