If you wish to have a single common Favorites folder on your network, for all users:
1. Create a folder on a network share and set the share and folder permissions appropriate to your environment.
2. Use Regedt32 to navigate to each users
HKEY_CURRENT_USER\Software\Microsoft\Windows\CurrentVersion\Explorer\User Shell Folders
3. Double-click the Favorites value name and set the String to the UNC path to the common Favorites share. Example: \\ServerName\FavShrNm.
To verify this worked, start IE and click Organize Favorites on the Favorites menu.