Currently no. I think John said somewhere that the old PNs are saved in his database, and the feature will be available again one day. And all the old PNs will return and we'll have a picnic with red lemonade and kiwi fruit.
So far I've used my favorites as a collection of bookmarks of lists I didn't want to forget, but as that is not really the intended purpose of favorites, I'm now using the private note feature of this page to save them. That makes private notes one of my favorite words I guess. ^^
Private notes are a very useful resource for those Wordies who use this website to keep track of words they just learned, especially non-native English speakers who join Wordie while studying for their TOEFL or GRE (just like me!).
Every word page has its own private note link. Click the link and you will open a sticky-note-like thingy where you can add, for instance, personal definitions, examples that can help you, and translations in your own language.
It's particularly useful if you want to take notes that you don't consider particularly useful for anyone else.