This is actually provxml, but it impacts the registry so I thought that I would share here.
 
This bit of xml will (or rather, should) delete all of your existing Internet Favorites.
	Code:
	<?xml version="1.0" encoding="utf-8"?>
<wap-provisioningdoc>
  <characteristic type="Registry">
    <nocharacteristic type="HKCU\Software\Microsoft\Internet Explorer\Main\FavoritesEntries" />
  </characteristic>
</wap-provisioningdoc>
 Then you use this xml to create all of your Internet Favorites.
	Code:
	<?xml version="1.0" encoding="utf-8"?>
<wap-provisioningdoc>
  <characteristic type="Registry">
    <characteristic type="HKCU\Software\Microsoft\Internet Explorer\Main\FavoritesEntries\PPCGeeks - User Control Panel" translation="filesystem">
      <parm name="Icon" datatype="string" value="\windows\iexplore.exe, 0" translation="filesystem" />
      <parm name="URL" datatype="string" value="http://forum.ppcgeeks.com/usercp.php" />
    </characteristic>
    <characteristic type="HKCU\Software\Microsoft\Internet Explorer\Main\FavoritesEntries\PPCGeeks - HTC Vogue Updates" translation="filesystem">
      <parm name="Icon" datatype="string" value="\windows\iexplore.exe, 0" translation="filesystem" />
      <parm name="URL" datatype="string" value="http://forum.ppcgeeks.com/forumdisplay.php?f=59" />
    </characteristic>
    <characteristic type="HKCU\Software\Microsoft\Internet Explorer\Main\FavoritesEntries\PPCKitchen" translation="filesystem">
      <parm name="Icon" datatype="string" value="\windows\iexplore.exe, 0" translation="filesystem" />
      <parm name="URL" datatype="string" value="http://www.ppckitchen.org/forums/index.php" />
    </characteristic>
    <characteristic type="HKCU\Software\Microsoft\Internet Explorer\Main\FavoritesEntries\Google" translation="filesystem">
      <parm name="Icon" datatype="string" value="\windows\iexplore.exe, 0" translation="filesystem" />
      <parm name="URL" datatype="string" value="http://www.google.com/" />
    </characteristic>
    <characteristic type="HKCU\Software\Microsoft\Internet Explorer\Main\FavoritesEntries\DSL Reports - M-Speed" translation="filesystem">
      <parm name="Icon" datatype="string" value="\windows\iexplore.exe, 0" translation="filesystem" />
      <parm name="URL" datatype="string" value="http://www.dslreports.com/mspeed?jisok=1&more=1" />
    </characteristic>
  </characteristic>
</wap-provisioningdoc>
 The neat thing about provxml is that you can easily put it into a cab file and execute the same way as an application installer.
 
The attached cabs contain updates based on the examples I provided above.
 
Best regards,
-boggsie