A button for recording the players precise location would be a welcome addition to the Favorites panel.
Also, Rotath wondered if Carbonite could generating favourite waypoints automatically on my
Favorites tutorial thread.
The idea has some merits. Fleshing out the idea, Carbonite could capture the players location either at timed intervals or when the player performs a specific action (e.g. gathering herbs/ore, NPC interaction).
Of course, there'd have to be some kind of on-screen indication that points are being recorded that flashes away to make sure players don't leave it recording for hours.