You can keep track of other Members by making them your Friend. Just look for the "Add as a Friend" button in the upper right hand corner of the Member's profile page. You can easily invite people from outside More.com to be your Friend too. (The email will come from Friends@more.com, but your More.com display name will be used.)
To manage incoming and sent requests, find Members and do everything else to do with Friends, just go to the Friends section of My Studio. You can either make your Friends public—they'll be listed on your profile page—or you can keep them private.
Oh, and just because you've made someone a Favorite, doesn't mean that she or he is your Friend. You've got to send them a request! So start rounding out your circle of buddies today.