I have just completed removing EVERYONE from my favorites list. Like many things on OS, it was an unnecessarily tedious task. You can't remove a favorite from the confines of you own blog, oh no, you have to visit the blog of the fav, and click the Remove Favorite link, and wait for confirmation.
It's not that I don't have some favorites, and friends whose writings I am always interested in. Rather, I deleted the whole shebang just to prove that I don't need it to find, read, rate or comment on posts which interest me.
If I've commented or rated your posts in the past, I think you'll find that I will continue to do so.
This exercize also showed me what a waste the whole favs thing is. On visiting the blogs of many on my list, I found that they had posted nothing for months, and even found one who had deleted all her posts. One might be forgiven for thinking the the OS powers could monitor for disuse, and remove members (after notification) who were inactive for months - which should also include removing them from the fav lists of others.
So please be assured that you have not fallen into disfavor. You're still a favorite, it's just that I don't need the flimsy crutch of the OS Favorites scheme to keep you and your writings close to my heart.