I just submitted the same exact request. Combining the two now:
I tend to have to run a lot of random reports (random as in, all different departments), periodically. Instead of remembering which report name I need to look for, I'd like the option to create a category called "your favorites" to be able to place some canned reports in. Can we have the ability to move or mark some reports as "favorites" so they can be found more easily?