I dunno what it's for, but I really like seeing the hearts by stories I writed
I don't use it on stories I read cause I really doesn't know what it is intended to mean.
Is it a thing I'd read again? No - I doesn't reread stuff. Not enough time in the day and too many new stuffs.
Is it a thing I'd recommend? Maybe - but then I'd tell the peoples what I thinks would like it to read it. No need for a heart on the story cause they wouldn't seed it anyways till I already said.
Is it a thing I'd recommend to strangers? That would cover most of the stuff in the categories I read (and all the stuff I write). Redundant.
Placeholder for reading later? Nope - reads it now or is forever lost. Too much stuff, too little time.
Sos - I LOVE getting them, can't imagine a reason to set them, nor why peoples set them on my stuff (but I love you for it).
Except in rare cases I don't click "favorite" on a story just because I liked it. Most of my favorites are essays and how to stories that I might want to come back to for practical purposes.
If I see a story I want to read but must defer to do so, I put it on my reading list.
If I read a story by an author who has written additional stories that I know I want to read in the future, I will hit "follow" for that author.
I'm not at all systematic about any of this, though.
If I fave a story it usually means it's pretty special in some way. I don't read much here on Lit, so it becomes my little erotica bookshelf of known delights.
When you "favorite" a story, not only does the story get a heart, but the story is also added to the "Favorites" tab of your Member Page. It's kind of a courtesy to your readers to "favorite" stories that you might particularly recommend. Of course you have to be selective. If you "favorite" a zillion stories, it won't be very helpful. Like Simon says, the "favorite" button is not a "like" button.
"Favoriting" is also used to determine the "Similar Stories" list at the end of each story. If you "favorite" story X and story Y, then there is a chance that they will show up on each other's "Similar Stories" lists. So, "favoriting" helps advertise stories you really like.
As far as bookmarking stories to be read later, that is what the "Reading List" on your User Page is for, as Simon pointed out.
Another round-about way to bookmark stories is by posting a non-anonymous comment on the story. You can see the stories you've commented on on the Latest Activity/My Activity tab of your User Page. This provides a convenient way to see your comment (to remind you what you liked or didn't like about the story) and to see if any new comments have been posted after yours.
For me to favourite an author it means that, as a general rule, I enjoy their stories.
For me to make a story a favourite it’s either because (a) I really, really, really like that particular story, in the case of series I will highlight one story, or (b) as a fledgling writer I think that the way the story has been written will help improve my skills.
If it’s just a case of liking the story I give it ️‘s and leave a comment. Never an anonymous comment because I want the writer to know it’s me.