Yes, you can recover your internet favorites.
Please make sure you are using the latest version of RecoverMyFiles, available from
http://www.recovermyfiles.com or by clicking the UPDATE button on the main program screen.
You need to run a "Complete File Search" of your drive. In the file selection list, under the Email section (I am not sure why we put it here!!!) you will see the "Internet Favourites" file type (it has a star as the icon). Search for these, save the files and them put them back into your internet favourites folder and you should then be able to see them in IE.
I hope this helps.