DaveO -

If you right click on any blank space in one of the toolbars at the top in IE, you should get a list of toolbars you can show. If you put a check beside the "Menu Bar" it will have "Favorites" on it.

Clicking "Favorites will drop down the list of your favorites, with an "Add to Favorites" click at the top of the drop-down.

Microsoft apparently did away with the Favorites button and replaced it with a Favorites Toolbar, which is another choice you can pick on the list that drops down when you right click one of the other toolbars. (As it displays in my IE9, you'd have room for about 4 favorites on that toolbar.) If you display the Favorites toolbar there should be a yellow star at the left that you can click to "Add to Favorites Toolbar" - but note that that's not the same thing as just "Add to Favorites."

(I find the Menu Bar more useful, especially since I've got about 200 favorites in my list.)

If there's still a Favorites button in IE9, I haven't found it.

John