Where are MPC favorites list stored?

You know how you can add a show to your favorites in MPC but where can you find its saved location if say you want to reformat windows? Does uninstalling K-Lite also remove favorites without ticking store settings in .ini and/or reset all settings to their defaults?

It is stored in the Registry. You can easily export/import that information.
HKEY_CURRENT_USER\Software\MPC-HC\MPC-HC\Favorites

Yes, uninstalling removes everything.

Hmm... thanks. What's the point of reset all settings to default on install if uninstalling removes everything to begin with? By default there is no shortcut for codec tweak tool nor do I use it unless I have to (which apparently is where you can backup your settings). May I suggest that you have the option upon uninstall of codec to offer backup of settings/favorites as a yes or no option before continuing the full uninstall?

I'm guessing this is for those that want to reset their settings for those that already have the codec installed but I think that option fits more with the codec tweak tool (most would just do a quick upgrade) and normally in most cases apps do ask if you want backup your settings/favs on uninstall or leave them there after a uninstall has happened. Upon reinstalling, that reset all settings option would make sense to be there.

The system might not be clean when installing. There can be leftovers from some other codec installation. That is why settings can be fully reset.

There may be a backup prompt in the future.