A FavIcon helps with Branding Visibility Professionalism It's essential to have one if you wish your website to be unique and really helps your users attention towards your site.
Favicon doesnt work in IE6, but it gives good idea in FF tabs where ppl can easily recognize you from favicon.
favicon play vital role in our site identity when people bookmark our site then favicon images will give them a different look for our site and they easily remember our site
Makes the site stand out a bit and improves the site's overall graphical identity. I see loads of sites that use Joomla! and most of them just keep the Joomla! favicon and that just does not look nice
Totally agree, Branding nowadays is essential for any online business or any person, now more than ever because of the amazing amount of competitors, and favicons are a small part of online branding.
I think sites that use Favicons look much nicer than ones that don't. It means that the sites look more professional and makes them stand out more. Branding is a very important part of a business and the better the branding, the better the company will do.
I can't stand when a site does not have one to tell you the truth...well if I so choose to put it on my toolbar anyway!