In XP it is %USERPROFILE%\Favorites
i.e. C:\Documents and Settings\user name\Favorites\
You can change the value of Favorites in the Registry in these
two keys: (if you know what you are doing)
HKEY_CURRENT_USER\Software\Microsoft\Windows\CurrentVersion\Explorer\Shell
Folders
HKEY_CURRENT_USER\Software\Microsoft\Windows\CurrentVersion\Explorer\User
Shell Folders
Have a read here
Ref:
http://windowsxp.mvps.org/IEFAQ.htm#favorites
http://windowsxp.mvps.org/usershellfolders.htm
Look at this as well:
How to redirect special folders in Windows XP
http://windowsxp.mvps.org/RedirectFolders.htm
...Alan
--
Alan Edwards, MS MVP W95/98 Systems
http://dts-l.org/index.html
...Alan