I have got it to work when a playlist is selected and played.
Favourites are bit more problematic as the server doesn't return a favourite name when you play one, it just indicates that a new album or track is being played. Likewise with a preset (button press) - all you get is an indication that a button was pressed on a device. Even if you have a playlist in the the favourites, it doesn't indicate that that a playlist is playing.
There is an ability to look up any track that is playing and see if it is in a favourite but I am not sure how useful that is?
How exactly did you envisage this working and how do you use favourites?