Instead of adding each favorite channel to this list, I use it as an index. If I added all my favorites to this list, it will get too big so I just index the first channel of a block of channels that I'll watch, like the 40's.
Off the top of my head, I have channels 2, 29, 40, 118(golf?), 200, and 401 as my favorites.
So if I want to jump to the high def channels, I'll just hit GUIDE > FAV > scroll up 2x to 200 then hit FAV again which takes you back to the full guide but starting from 200.
It probably is easier just to punch in 2-0-0 but I find it convenient and actually faster as I can do it without having to look down at the remote.