public IReadOnlyList<Favorite> GetFavorites()

{
  var favorites = FavoritesManager.Current.GetFavorites();
  foreach (var favorite in favorites)
  {
    bool isAddedToAllProjects = favorite.IsAddedToAllNewProjects;
    // retrieve the underlying item of the favorite
    Item item = favorite.Item;

    // Item properties
    var itemType = item.TypeID;
    var path = item.Path;

    // if it's a folder item
    if (item is FolderConnectionProjectItem)
    {
    }
    // if it's a geodatabase item
    else if (item is GDBProjectItem)
    {
    }
    // else 
  }
}

{
  var favorites = FavoritesManager.Current.GetFavorites();
  foreach (var favorite in favorites)
    FavoritesManager.Current.RemoveFavorite(favorite.Item);
}

{
  FavoritesChangedEvent.Subscribe((args) =>
  {
    // favorites have changed
    int count = FavoritesManager.Current.GetFavorites().Count;
  });
}