An article on how this works is available here
Basically, it introduces two new features:
show places custom name (when available) instead of regular name
backup feature that will download a KML file with all your favs organised by collection (ohh yeah).
It would have been very nice to have an import feature, but as we all know, time is a bitch. Code is released under MIT license, so if you want to implement it just fork the project on github and make a pull request.
What's really good about it? That it's not actually a hack. It uses the same data the app is using, modifying it, and doing this it respects its behaviour. Simply, amazing.