The Technorati Favorites feature is very much in place and fans/readers can still add your blog to their Technorati favorites.
However, with the latest changes, Technorati won't tell you anything about the people who have favorited your blog on Technorati.
They are also hiding the Favorites count from your Blog profile page that suggested how many Technorati members called your blog as their favorite. You have to be in the Technorati Top 100 Most favorited blogs list to know that number.
The only way to check if someone has added you on Technorati is to visit the member's Technocriat profile page and scroll through his/her list of favorite blogs.
This was long needed though it's sad that now you won't have a clue about your fans who read you through Technorati.
Related: Technorati Charts and Blog Finder