OK, I'm not the best at tech directions, so bear with me:
Click on My Stuff > My Watch Lists > Watched Forums tab > there's a link on the right, below the array of tabs that says 'edit watched forums', click on that and mark which forums you want to see when you log in. To access it, when you log in, click on My Stuff > My Watch Lists, and you'll get an automatic list of your favorite forums all on one page.
You can also add 'Watched Users' by clicking on any user, 'View Profile' and then click on the link to add them to your list at the bottom of the profile screen. That way you can follow all the posts your favorites make.
Hope that made SOME sense.
Oh, and to get the smiley faces? Click on the Reply button at the bottom of a post (instead the quick reply box at the bottom of the thread's page), and it'll take you to a screen much like the old one with all the fun faces, etc.
