In IE8 click the Favorites option, the one with the yellow star.
When the Favorites side bar displays, click the 'down arrow' next to where it says "Add to favorites". That will give you more options.
I want to import favorites from FF3 file bookmarks.html
IE8 instructions: Click Favorites/Click Add a Favorite/Import & Export.
But there is no "Import and Export" button.
So how does one import Favorites?