I have started to use Opera 11 and noticed that in my bookmarks bar that no favicons were showing up. After a little digging I discovered what the problem was.
Missing favicons (Opera 11)
Follow the instructions below to fix it.
(Assuming you are running Windows 7) Browse to your local app folder:
C:\Users\Username\AppData\Local\Opera\Opera 11.10 beta
Now delete the “icons” folder.
Go back to Opera 11 and try browsing to a website that is on your bookmarks bar. After a few seconds the favicon show now show up.