As of this release, users can mark their most important reports as personal favorites. These appear in the navigation area under Overview. The favorites you set are also only visible to you (previously, a report selected as a favorite was visible as a favorite for all users who have the report available in their login).
Since this is no longer a report setting, you no longer need editing rights to set a report as a favorite.
Please note that the report favorites set before this release are no longer displayed in the navigation area. However, the corresponding reports are still available. Select your favorites in the report overview (Reports > Overview) by clicking on the star icon in the Actions column.