Is there any way to change the order of Favorites?

Unfortunately, not yet, but I guess eventually...

Bumping an old thread - I'm looking for the same thing. Doesn't look like any option to do this has been added as far as I can tell from the user manual, searching here, and just experimenting on the touchscreen.

The only way I know how to change the order of Favorites is to switch to the station you want to move and then remove it (touch the heart) and then add it back (touch the heart again). This will move it to the front of the list. So you need to figure the reverse order of what you want and remove/add it.