You can make the menu bar visible again, (it is hidden by default).
With IE 8 open, goto Tools > Toolbars, and select Menu. That should bring all the menu options back, including the Favorites menu option.
As I was browsing the net; went to the top of IE #8. To click on Bookmarks; (Usually I view a List of all of the sites of interest.).
Now I have to go and extra step, and click on manage all. To see the sites of interest. Can I change it back to the other view?