Adding A "My List" or "My Favorites" To Channel

Hi guys,

I was hoping to get some specific direction on how to add a "My Favorites" function to my channel so that users could save a video as a Favorite and then access it from the My Favorites Category.

I found one thread with some info but it's fairly old and wasn't sure if it's still valid.

It would be great if someone could walk me through it or point me to a well rounded example.

Thanks much,
Kent