I'm of two minds about this. I like the option of being able to track down older news articles more easily; but I preferred being able to promote contests and events on my front page via the News widget. Nobody's going to be looking through my Favourites to see what's going on.
I think it would be better to keep both systems. I like the option to fave news in case I want them to be easily accessible (for example, news about a contest, or news with important information that I may need in the future), but the option of "liking" the news is fast and useful. I don't know, faving them like deviations should be only optional, in my opinion.
I sent my feedback and concerns to spyed the other day. I didn't quite know where to go so I opted for the head of it all .
I think it's obsolete, I really lose all interest in a news article when it appears in the deviation form, it just makes it very uncomfortable to read, it's like a CSSless journal. And faving them is a hassle...