Entering a new favorite manually can be frustrating.  The field labels ('Name' and 'URL') are contained in the text input boxes and wiped out when focus comes onto the field.  That approach only works when there's _one_ field in the form (a simple search form, for instance), but does not work when there's more than one.  If the users moves back to either of the input fields from the other, the contents get erased.

Use two lines in the form and put the labels outside of the text boxes.

Name [                                 ]
URL  [                                 ]