I find this feature badly missing. On the UI there is a little star, this opens the favorites menu.
This menu can't be opened with the keyboard (I think in Total Coammander this is ctrl+D, here probably cmd+shift+F would be perfect, not sure if that's already taken with a default mac setup though) - opening it and focusing on the opened menu would be a great help.
Is this clear? Would you like me to upload a screenshot somewhere?