Hi all,
today I went to http://maps.google.com/ to figure out, where Menlo Innovations LLC (for the site visit next Friday) is located.
After the page was loaded, I recognized that there is something new ... a "tab" called "My Maps New!" ... I started to play around with that and wow, NOW IT IS POSSIBLE TO SAVE YOUR FAVORITE PLACES STRAIGHT IN GOOGLE MAPS (when you are signed in with your Google account).
Here is what you can do (to enlarge the image, just click the image):

Additionally I found these interesting Blog Posts:
"New Google Maps feature: "My Maps" (Build your own maps mashup)"
"Google has just released a new Google Maps feature called "My Maps" which will allows users to easily create a Google Maps mashup with a few clicks, right from Google Maps! You can reach My Maps by visiting http://maps.google.com then look for the new "My Maps" tab on the left side. My Maps is being launched for Google Maps in the US, UK, Canada, France, Italy, Germany, Spain, Netherlands, Japan and Australia.""My Maps has an easy to use interface that will allow you to:
- Annotate points on a Google Map with text, photos, or YouTube/Google Videos (even HTML for further customization)
- Draw lines and shapes to show routes and regions
- View maps created in My Maps on Google Earth
- Search for businesses on Google Maps and add them to My Maps"
and some more detailed information here "Google My Maps Mania!".
Just try it, it's amazing: http://maps.google.com/
It seems like that the “MyFavoritePlaces” team had the same idea ;)
-Joern