Yes, Bookmarks are favourites. Firefox does get a bit of getting used to when you first move over from IE.
Immediately, you may notice less pop-ups. I would suggest going to the Firefox site and getting some add-ons. AdBlock Plus is a definite one. You can even get rid of the ads on TORC.
My add-ons are:
AVG Safe Search - which guards against clicking on malicious links (it basically puts a tick against an okay link. I haven't found it to be particularly useful yet, and I can't even remember how I ended up with it!
British English Dictionary - this is just a simple spell-checker.
FireFTP - which is a File Transfer Protocol system for Firefox that I use to update (when I get round to it!) my websites
IE Tab - this allows you to switch your tab between Firefox and IE if the page that you're viewing doesn't support Firefox.
Quick Drag - which allows you to open a link in a new tab by simply dragging the link and also to highlight a word and drag it whereupon Firefox will Google that word in a new window, or you can highlight and drag a url that isn't actively linked and it will open in a new tab.
Save Image in Folder - this means you can save an image from the internet into a specified folder. Very handy when you're searching for images for MoST or MoME for example.
Save Link in Folder - same thing as above, but with links instead of images.
Tab Mix Plus - this just has some added features to the usual tab features.
WebMail Notifier - this checks all of your email addresses and alerts you every time you get a new email. (Handy for the Topic Notifications
And of course AdBlock Plus.
There are hundreds of add-ons that you can put onto Firefox and make it your own, which is the beauty of Firefox. If you've got the time, I suggest browsing the Add-On section of the Mozilla website and seeing what interests you.
Oh, and I don't have PCE. Nope, no sirree.