When you choose to Export Favorites to a HTM file, the default path for the output file will be your My Documents folder. To change the default output path, you need to edit a registry key:
Click Start, Run and type REGEDIT. This opens the Registry Editor. Navigate to:
[HKEY_CURRENT_USER\Software\Microsoft\Internet Explorer\Main]
In the right-pane, double-click FAVORITESEXPORTFILE and set it's path (and filename).
Example: C:\Documents and Settings\<username>\Desktop\bookmark.htm
