What's the use of the Read Later and Favorite buttons? It makes sense to have a way to bookmark things you don't want to have in your reading que right away, but then, what's the difference between the two? 

No practical differences, except that Favourites are showed on a Fiction's page, and influence their ratings. 

The point is to Favourite stories you really love, to form a kind of "My favourite fictions of all-time", so you can find them easily even after the story gets completed. And the Read-later mark speaks for itself. "Ooh, this looks interesting, I should start reading it when I get the chance." 

So yeah, if I follow a story, and I really love it, I will also favourite it. If I don't follow, but consider that I might in the future, I will click Read-later. 

Favourites show up on your profile, they're like a public endorsement of the story as being good. Read later is private, only you can see.

Thanks :)

My 2p:

Read Later = "This person needs/wants feedback"
Follow = "I want to read this story"
Favourite = "I want to read this story again"

Or, if you prefer, work, pleasure and study in that order.

precinctomega Wrote: My 2p:

Read Later = "This person needs/wants feedback"
Follow = "I want to read this story"
Favourite = "I want to read this story again"

Or, if you prefer, work, pleasure and study in that order.

Well, in my case, I'm collecting things to literally read later. I'm planning on commenting, but not if it feels like work. I prefer to get paid for work. 

NovelNinja Wrote: I'm planning on commenting, but not if it feels like work. I prefer to get paid for work.

What?!? You don't want to work at the mill 25 hours a day, unpaid labor, just for permission to come to work?  :D  (Rough paraphrase: monty python's four yorkshiremen)

Uhh isn't it that 

read later = has it's own page.  If you simply hit read later without favorite or follow, that fiction will only show up on the "read later" page.  
Favorite = showing support for the author.  
Follow = I want a reliable way to keep track of this fiction's updates.  Also has it's own page.