It shouldn’t make any difference that Twitter renamed Favorites★ as Likes♥. It’s a coat of paint. But labels do matter. Just like “friend” and “follower”, “like” and “favorite” (and hearts and stars) conjure up different expectations.
Twitter says, “You might like a lot of things, but not everything can be your favorite.” Paradoxically, I find “likes” to be more specific. The star-and-favorite model comes out of Internet Explorer*, and modern browsers still use stars for bookmarks. This made “favorite” seem a little more versatile, anything from a stamp of approval to a simple check-back-for-later.
“Like,” on the other hand….
After years of requests for a “dislike” button, Facebook finally admitted that “like” isn’t sufficient to respond to everything, and will be expanding to multiple reaction buttons. I know Twitter keeps trying to be more like Facebook, but c’mon — even Facebook knows people don’t want to “like” sad news.
*Microsoft didn’t want to call their bookmarks “bookmarks.” Nobody wanted to use the same terminology as anyone else back then. They tried to call links “shortcuts” too.