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On meta, I went to my profile, and saw the number 7 appear next to favorites.

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Then, I went to the "favorites" page and only saw one:

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It isn't the number of your favorites, but the number of any changes with one of your favorite questions.

This number will be incremented when any of the following actions with one of your favorite questions occurred:

  • A question was edited
  • A new answer was added
  • An answer was edited
  • A bounty was started on the question
  • Question was poked by Community ♦

(possibly there are more actions, I'll add if I find more)

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