Eugen RochkoAm I alone in thinking that it would be confusing and unnecessary to have a "save for later" feature in the form of "favourite" as well as "save for later" in the form of "bookmark" side by side? 
Elda King@Gargron I think that a crucial difference in implementation is that a bookmark should not be visible for anyone else. Other than that, the name suggests different functions; newcomers might not consider the possibility of using favorite to save something, because they think it is just a "rank".
Not saying having both (or either) is necessary. There are plenty of solutions for bookmarking general internet links.