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And it's not a binary hack buried in a database (or "registry") somewhere, either. Rather, it's a plain text file using very basic HTML. Hard to beat that.

IE stores them as text files as well. One per bookmark. They look like INI files so you'll need to do some work in converting it.

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In contrast I have no idea where IE stores its bookmarks, but I do know it is NOT in "Documents and Settings/*/Application Data/Microsoft/Internet Explorer", because that would just be too easy now wouldn't it ?

Um. Actually its easier.

Documents and Settings/*/Favorites/