You can spend a lot of money on a blog design. If you have, do you also have a matching favicon? Now I can hear some mumblings. What is a favicon?
Have a look in the address window of your browser. Have you ever noticed the little icons that precede the URL. This is the favicon. Now have a look at your site and tell me if you have your own favicon? These are not difficult to put together. Favicon’s are simple 16 pixels by 16 pixels images – if you use the .ico standard then you can use 32 x 32 size images.
Most browsers search for a favicon file whether or not you have one. Including the favicon to your blog design is like putting the finishing touches on any project. It adds that little touch of professionalism to your site.
Once you have your favicon designed, place it in the root directory of your site with the name favicon.ico – most browsers will automatically pick it up and use it. If you want to make sure that a browser uses the icon, or if you wish to place the .ico file in another directory then include the following line of code inside the <head> </head> code of your site.
<link rel="shortcut icon" href="http://yourURL.com/directory/favicon.ico" type="image/vnd.microsoft.icon">
This is standard code that is accepted by most browsers. You can also use .gif and .png graphic files as well although their resolution sizes are restricted to 16×16 pixels.
If your blog design does not have a favicon then why not design one. They certainly do add those finishing touches to your blog design.

nice article.. anyone know how to change blogspot favicon? I want to have my own.
I created one using SM Favicon Generator but dont knw how to change my blog with it. please help