I would like an area in the Nav Bar, or maybe on a separate toolbar where I could put a link to Favorite Contacts (Or Companies) in a similar way to the way you have Favorite web sites in a browser.
At any point in time you often find yourself going repeatedly back to a few key Contact records over a period of days or weeks. It would save time not to have to do a lookup when you wanted to find these.
The Back button is OK but of course you have to have done a lookup first. And yes, you could create a group, but thats not as useful. Favorites would be semi-permanent and part of your personal preferences so they are always there whenever your open ACT and would remain there until you remove them.