As of January 2012, the service has migrated to fave.net, and later on migrated to MaxiConnect.com and is no longer active on faves.com which says "Faves is evolving to social couponing."
As of January 2012, the service has shifted its presence from faves.com to fave.net, followed by a relocation to MaxiConnect.com, and is now inactive, while faves.com notes that it is evolving into social couponing.