Apples and iPads Bokmarks, rather than favorites. But, they are the same thing. This article might help you in setting that up:
http://www.padgadget.com/2010/05/05/...bookmarks-bar/
So, yes, you can save favorites or Bookmarks of websites you visit most often. However, iPads use a mobile browser so not all sites will look right and some can't be viewed at all. For most sites, this is NOT an issue. We have both an original iPad and iPad 2. They are great. But, this was never meant to replace a computer.
If you can, go to an Apple store and play with one and ask lots of questions. The employees are great and can tell you exactly what you need to know.