[Greg Andonian] "At the end of the day, isn't this whole favorites thing just a new approach to subclip creation? or am I missing something here?"
You could be forgiven for thinking so, although I would actually argue that keyword collections more appropriately encompass the utility of subclips, and favorites is something slightly new with some overlap into the subclip paradigm.
One of my most common uses for favorites though, is one that might necessitate subclips in another NLE. When I have VO narration for a piece, there are good takes and bad takes. I like to be able to go through the entire clip and favorite out the best takes and then grab them all and drop them into the timeline at once.
In FCP7, I would just lay them into the timeline one at a time instead of bothering with subclips, but then scrubbing back through the clip looking for a particular take was time consuming. But I resisted using subclips because of match back issues, and all the extra button presses that were required to getting back to my VO. FCPX made it much simpler to section off pieces of a clip without extra clicks and I could keep plugging away.
In the end, there's not a ton of differences, but enough to make favorites more inviting than subclips.
Andy
http://www.timesavertutorials.com 
