Personally, I don't like favorite school. And I think I'd like it less if it were given more weight, for the reason that because it's random, it can make or break the ability to sign a recruit. As an example, let's say there are 2 teams the same distance from a top recruit. Both have the same prestige and openings. Yet by luck of the draw, team A is the recruit's favorite. That would put team B at a distinct disadvantage. Team A did nothing to achieve this advantage. Now, one might point out that the whole recruit generation system is random and lends itself to luck. I would counter it's very different in that there are many recruits to choose from within each region, but with favorite school, only 1 gets it. If you ask me (and no one did), get rid of it.
Now if they included it in a total recruiting redesign, where recruiting was much more realistic, built around matching recruits to programs, and a slow research process for teams to find players matching their program's specifice attributes (these would have to be newly created) then it could have a nice effect within a greater scheme. But for now, it's silly IMO.