Easy as pie, Racer28.
When you are watching a channel and you decide you want to add it to your Favorites (or remove it), just hit the Options button (also labeled Help, just above and to the right of the Favorites button on the remote), go to the correct Favorites icon, and hit OK. Done.
You can easily add or remove any channel any time you want, to or from either Favorites list.
Verizon FiOS TV, Internet, and phone
IMG 1.6.0, Build 06.89