So it looks like this issue is isolated to creating and restoring backups with the companion app. If you create the backup file on the device itself in MobileSheetsPro under Settings->Backup and Restore->Backup Library, transfer the backup file to the other devices, then restore them in MobileSheets, you won't encounter any problems transferring favorites. I'll work on getting this fixed for the next update.
Thanks,
Mike
Thanks,
Mike