Tracker down ?

Some bugs in the tracker have been fixed now.

Regarding your issue, it's by design and the menu items you mentioned have a slightly different function. Manage Favorite, selects the favorite in the Favorites pane. Edit Favorites just opens the favorites pane.

If no-one tells you what you just told me, you really cannot understand the difference, IMO.
I think this double favourite menu items are confusing, even for someone used to FTP clients or softwares in general.

Maybe you should study the possibility to keep only "Edit favourites" and select the current favourite at the same time (that is merging both menu entries without loosing any feature).

You are so used to SmartFTP that maybe you don't imagine the confusion.

I agree with you, the two menu items are indeed confusing. But unfortunately some users are used to Manage Favorite and others are used to Edit Favorites. That's the main reason both menu items are still there.