This is where My Favorites comes in and solves this specific problem. It steps up and replaces the missing functionality discussed above, and, because it is an App, you are able to place on the dock for easier access, giving users, once again, 1 tap access to Favorites, regardless of which Home screen they happen to be on. It is a very easy process to add your favorite contacts to this screen and then pick the default numbers that you wish the application to store and make use of for each. After this has been accomplished, simply tap your contact and the default number you have selected will be dialled. Double tapping a contact’s icon will display even more functions, like sending a text message or email to that person, and in this regard it is actually a quicker and better approach than the inbuilt Favorites characteristic allows.
Because the application is iOS 4 aware, it will also support Fast App Switching, and also appear on the multitasking bar exactly where you last left off. Another pertinent advantage is the fact that it is visual, and so enables you to dial people by means of the picture assigned to them, not by their name. Although it would still be nice if Apple decides to return customization power to users in terms of the Home button, in the meantime you can curb your frustration regarding this by using this practicable application.
iTunes Link