Adding Quick Contacts
You can also accomplish this by adding a 'Quick Contacts' icon to a home page.
To do this: Go to your home page, and press the '+' button.
Then choose: Shortcut > Person > (Select the Person) > Quick contact.
This will add an icon to your home page that, when pressed, will give you the option to: call, view contact info, sms, email, or navigate to their address.
Its much nicer than the HTC Favorites widget.