I hope I can help you out Alex.
Yes, bookmarks = favorites.
In Firefox, click on file on the top left corner. Choose import.
From there, the browser will prompt you step by step to import your prior settings from internet explorer.
As for tips, I recommend using the adblock plus and noscript add ons.
Those, as well as numerous other useful utilities can be found
here.
You can choose as many or as little as you like, depending on how you want to use your browser. They install easily and are fairly straightforward to configure. As I said, I highly recommend both the adblock & noscript.
Having these two utilities has saved me from loading malicious code and scripts from the web numerous times, which in turn saves me from reformatting my PC because I can't stand infringing software that hijacks your browser or pulls other crap behind your back.
Any others questions please ask.