To answer your question: Maybe or maybe not.
Some players would add an arc to thier favorites list if they liked the story, others would add a farm or two to thier favorites list to make finding it easier. The farming type seems to have more of a penchant for repeating things, so I expect that they would use it more.
The players that read and enjoy the stories probably wouldn't keep an arc on "favorite" status for long, as you can only read the same story so many times.
Both types of players would use this system.
Would it be an accurate representation of how good a storyline is? I doubt it, but it would be a fairly good indication of how many players (regardless of type, (farmers or story-readers)) wanted to run it more than once.
I'd like an AE Favorites list to keep track of excellent arcs I run across.
Would being able to see how many players have added an arc to their Favorites be a useful evaluation criteria in conjunction with the current ratings system?
Arc 55669 - Tales of the PPD: One Hell of a Deal (video trailer)
Arc 64511 - The Wrecking Ball
Arc 1745 - The Trouble With Trimbles
Arc 302901 - HappyCorpse