There are 2  types of My Faves. One is "Clipped Videos" and the other "My Faves (Public/Private)". 

For more information on "Clipped Videos" go here. 

You can create up to 25 different "My Faves (Public/Private) " by giving it a name/description and add videos (Mymemory Videos also) and users into them. Standard user can add 100 videos. 

You can change the privacy settings on My Faves from the editing screen. If you set is as open, other people can view your My Faves.