Remove Submissions From My Favorites

There are two methods of removing a submission from your favorites:

From the Control Panel: Go to the Control Panel and open the Favorites link under the Management heading on the left side of the page. The site will load up a graphical list of all favorites. Simply click the Remove button to remove any desired favorites.
From the Submission: Open the Submission you want to remove from your favorites list and simply click the -Remove from Favorites button.

There is no way to mass remove Favorites at this time.