Based on a discussion in the team meeting, this was moved to a P2. For now, then, press hold IR will do nothing.  There is a decision to make about how to set a preset. 
Two options:
1) Implement long hold on remote keys to support setting a preset with the IR remote.
2) use the context menu to set presets (Save as Preset->(submenu)1,2,3,4). I prefer this option because we could also display the name of the current preset in the list, which would give some visibility in what is on a given preset.

 == Auto-comment from SVN commit #8021 to the jive repo by tom ==
 == https://svn.slimdevices.com/jive?view=revision&revision=8021 ==

Bug: 15018 +1
Description:
- ir hold on buttons disabled, still can be overridden with shortcuts applet.

In the fresh new world of ABU I think this is a new feature to be considered in the future.

Tom is no longer available to us

*** Bug 16264 has been marked as a duplicate of this bug. ***

Just for the record, my comment of 2010-05-26:

On my old Squeezebox 3, I could press and hold a number on the remote control
to select one of my favorites.  This does not work on my new Squeezebox Touch. 
Could it be made to work, please?  

As it stands now, I have to press the Favorites button, scroll up/down, then
press Play.  Much less convenient.

Unassigned bugs cannot have a priority.