Favorite points is something implemented by Geocaching HQ to let Geocachers reward Cache owners if they have created something extraordinary. Other common names are Favorite, Blue Ribbon or just FP. When a Geocacher likes a Geocache he/she can choose to place a favorite point on that Geocache. The total number of favorite points is shown on the cache page. Geocaches can also be filtered on favorite points, and Project-GC creates statistics around this data.
To avoid cheating and the creation of fake accounts it's only Premium members of Geocaching.com that can place favorite points. Also a Geocacher doesn't have endless of them, for every 10th Geocache they log they get one favorite point to give away. Favorite points doesn't have to be given right away, they can be saved up as a buffer for future use. Favorite points can be given to old finds, to new finds and also be redrawn for Geocaches, by the one who placed it.
Favorite points placed belong to the Geocache they are placed on, not the Cache owner itself. If the Geocache is adopted by someone else, the favorite point will follow the Geocache. Also the Cache owner can't withdraw that favorite point and give someone else.
Favorite points aren't automatically withdrawn when a Geocache gets archived either. It's free to withdraw a favorite point at any time you like, but Project-GC does not recommend withdrawing it just because a Geocache got archived. Project-GC prefers to see it as a part of history of the Geocache.
Forgotten Favorites? is a tool that helps the user find caches they have logged and that many user gave a favorite point but they did not.