I believe that when you right click and select "add to favorite list" you are using the name of the OS file structure. So you would have to change the name of the folder as it appears in the OS.
So this morning I log-in and launch Bridge and my favorites are now once again shown with the path names. I have made no changes to any preferences from yesterday where the names only showed the target directory in the path.
Today it looks like this "C:\...\project1\pix", "C:\...\project2\pix", etc...
Yesterday it looked like this "pix", "pix", "pix"..
Except, one of my favorites is on a fileshare and oddly that one today is still only showing the target directory name.
Perhaps just a bug?
I'm late on this thread but this has been irritating me about bridge for quite sometime. I used to a PC with Win 7 Pro then earlier this yer I switched to Mac...same thing.
Like you, I also use consistent directory naming. If I add multiple folders to the favorite tab it will show the full path then randomly just show the folder name in a future launch.