I've got about 8 things favorited, and scrolling through them is certainly less cumbersome than going through the menu, but it's still nowhere near the same as just being able to hit 1 for fire, 2 for sword, 3 for shield, etc. I might consider just switching back to the mouse/key controls, but when I started with that the game was incredibly choppy (although that's often the case anyway; not the best optimization in the world).
That's another thing that's been annoying me. When my character is moving forward, sometimes it's smooth and fluid, but it's often times jumpy as hell and I don't know if it's by design or a FPS issue. My computer more than meets the requirements for ultra settings, and even scaled way down it still does it. Only moving forward. If I spin around it's smooth as can be. Is there some kind of game mechanic that causes him to move awkwardly if he's tired or walking on uneven ground, or burdened with 19 different iron swords?