iPhone: Delete or Move Favorites
Contributed by iphone_dude 
Tagged: Apple Mac Managing the favorites folder in your iPhone is simple. This tutorial will show how to delete a favorite or rearrange the favorite entries.
Keep those precious favorite positions well tuned. Here is how…
1. First go into your favorites screen.
2. Click the Edit icon in the upper left hand corner.
3. To delete a favorite, click the red icon beside the name (highlighted in green below) and then confirm the deletion.
4. To move a favorite, click to the right of the name (highlighted in yellow below) and then slide the name to the position you wish.
Pruning and rearranging the favorites on your iPhone could not be easier.
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Me said on September 18, 2010
thanks
Tom said on September 11, 2011
How do i remove a favorite phone number from the favories list without deleting the phone number from the addressbook in my iphone 3.
Jurgen said on December 13, 2011
Worked for me, BUT I had to hold the red icon for at least 5 seconds, or at least that is what it felt like. i had been trying to delete this contact in Favorite for at least 1/2 hour